JP Morgan's Blockchain Breakthrough - JPM Coin Poised For Tenfold Growth In Daily Transactions: Report
Portfolio Pulse from Nabaparna Bhattacharya
JP Morgan Chase & Co. (NYSE:JPM) is expecting a significant increase in the daily transactions of its digital token, JPM Coin, with projections of managing up to $10 billion daily within the next year or two. Currently, the bank handles about $1 billion in JPM Coins daily. JPM Coin is used by wholesale clients to facilitate payments in dollars and euros through a private blockchain network. This growth expectation comes despite CEO Jamie Dimon's cautious outlook on the macroeconomic situation. JPM shares saw a slight increase of 0.22% to $148.77 in premarket trading.
November 15, 2023 | 12:49 pm
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JP Morgan Chase & Co. expects a substantial increase in JPM Coin transactions, which could enhance the bank's position in digital currency and blockchain technology.
The projected increase in JPM Coin transactions indicates a growing adoption and utility of the bank's blockchain technology, which could positively influence investor sentiment and the bank's innovative image. However, the overall impact on the stock price may be moderated by the fact that this is still a small portion of the bank's total daily transactions.
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IMPORTANCE 75
RELEVANCE 100