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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
As major banks accelerate the modernization of cross-border payments, J.P. Morgan announced an expansion of its blockchain settlement network. The bank added five Asia-Pacific currencies to its Kinexys platform, allowing institutional clients to settle payments and foreign exchange around the clock, according to a CoinDesk report.
The expansion comes amid a modest pullback in banking stocks, with JPM closing at $331.01 (June 29 close), while peer stocks such as BAC ($57.88), C ($141.76), and WFC ($83.87) as of June 26 saw slight declines. The move positions J.P. Morgan at the forefront as rivals like Citigroup and HSBC also explore blockchain for settlement, reinforcing its lead in digital infrastructure.
JPM closed at $331.01 on June 29, up from its intraday low of $327.23 and below the high of $332.21. While no direct blockchain-related catalysts appear on the near-term calendar, investors are eyeing the recent Fed stress test results and the upcoming July bank earnings season, which could provide further momentum for the stock.
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