Sideways: JPM Coin – to ubiquity and beyond!
JPMorgan is trying to advance its master plan for global fintech domination with a discipline that is often lacking in a sector better known for wildly over-promising than actually delivering practical solutions.
Almost two weeks after launching JPM Coin, a digital token that will use blockchain technology to make payments, the bank held its investor day in New York on February 26 and promoted the new venture within a presentation designed to highlight its dominance in corporate and investment banking.
There is no question that JPMorgan has established itself as the leading global investment bank in the years since the 2008 financial crisis. It has been number one for global investment banking fees for 10 consecutive years and recently increased its share of fixed income and equity markets revenue more than any other bank.
This provides no guarantee of future success as the finance and technology sectors collide in the coming years, but JPMorgan was keen to project an air of inevitability when it promoted digital initiatives at its investor day.
It highlighted that JPM Coin is the first digital coin from a US bank and updated the number of banks that have signed letters of intent for its interbank information network at over 185.
Looking ahead, JPMorgan predicted that this network would soon “reach ubiquity” with more than 200 banking partners, which seems to imply that competitors would be wasting their time with any rival initiatives.