JPM Coin Revenue and Its Impact on Market

JPM Coin generated significant revenue for JPMorgan Chase in 2020, with estimates suggesting it reached $10 million. This is a substantial amount, considering the platform was still in its early stages of adoption.

The revenue generated by JPM Coin is largely attributed to the fees charged on transactions facilitated by the platform. These fees are reportedly around 0.1% to 0.2% of the transaction amount.

As JPM Coin continues to grow in popularity, its impact on the market is becoming increasingly evident. The platform's ability to facilitate fast and secure cross-border payments is expected to disrupt traditional payment systems.

JPMorgan Chase, the nation's largest bank, is launching its own cryptocurrency, called JPM Coin, which has a fixed value redeemable for one US dollar.

JPM Coin is designed to be used by major institutional customers, not individuals, although JPMorgan expects to roll it out to a broader range of customers later this year.

JPMorgan moves trillions of dollars around the world every day on behalf of customers, and JPM Coin aims to help lower costs and risks by making money transfers instantaneous.

JPM Coin is the first American bank to create and successfully test this kind of digital coin, according to JPMorgan.

Signature Bank, a smaller bank based in New York, has also started handling transactions for its business clients on its own blockchain platform, pegged to the dollar.

JPM Coin processes $1 billion in transactions daily, according to Takis Georgakopoulos, who told Bloomberg that the bank started trialing the blockchain instant payments solution in 2019.

The bank primarily deployed JPM Coin by institutions and large corporates, such as Siemens treasury, which uses tokenized deposits to move money between its subsidiaries worldwide and 24/7.

JPMorgan Chase raised its price target on Coinbase stock after a blowout first quarter.

Coinbase earned $1.175 billion in revenue for the three months ending in March.

The company's revenue came in at $1.637 billion, with earnings of $4.84 per share fully diluted.

JPMorgan bumped its target price on the stock to $171 per share.

Coinbase opened at $226 per share, its market capitalization slightly below $56 billion.