JPMorgan Chase — whose CEO Jamie Dimon once dismissed bitcoin as a “fraud” and likened cryptocurrencies to a “Ponzi scheme” — is diving further into crypto with a money-market fund that’s based on blockchain.
The bank’s asset-management division, which handles $4 trillion, will start the Wall Street giant’s first tokenized money-market fund — this one on the Ethereum network — with $100 million of its own money, the Wall Street Journal reported.
The fund — called the My OnChain Net Yield Fund, or MONY — will be opened to outside investors on Tuesday, but it’s not aimed at the masses: The minimum investment is $1 million, and individuals need at least $5 million in investments to qualify. Institutions need at least $25 million.
Technically, shares of
JPM stock are gearing for a breakout as the stock is moving in tandem with the resistant point in the $300 zone a breakout above that region could resort to a bullish continuation from the present level.
Analyst Summary
According to 13 analysts, the average rating for JPM stock is "Buy." The 12-month stock price target is $326.08, which is an increase of 1.90% from the latest price.
The bank’s asset-management division, which handles $4 trillion, will start the Wall Street giant’s first tokenized money-market fund — this one on the Ethereum network — with $100 million of its own money, the Wall Street Journal reported.
The fund — called the My OnChain Net Yield Fund, or MONY — will be opened to outside investors on Tuesday, but it’s not aimed at the masses: The minimum investment is $1 million, and individuals need at least $5 million in investments to qualify. Institutions need at least $25 million.
Technically, shares of
JPM stock are gearing for a breakout as the stock is moving in tandem with the resistant point in the $300 zone a breakout above that region could resort to a bullish continuation from the present level. Analyst Summary
According to 13 analysts, the average rating for JPM stock is "Buy." The 12-month stock price target is $326.08, which is an increase of 1.90% from the latest price.
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