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Analyst: JPMorgan's Institutional Crypto Drive Could Boost Performance for Coinbase Rivals
BlockBeats News, December 24th, according to CoinDesk's report, JPMorgan Chase (JPM) plans to offer cryptocurrency trading services to institutional clients, which could reshape the competitive landscape but may not necessarily harm its competitors' interests.
Analysts say the entry of the Wall Street giant could benefit existing players such as Coinbase (COIN), Bullish (BLSH), and Galaxy Digital (GLXY), while also signaling increased competition.
ClearStreet analyst Owen Lau said, "If JPMorgan Chase offers cryptocurrency trading to institutional clients, this will have a significant positive impact on the field." "This will further legitimize cryptocurrency, expand distribution channels," he continued. "The domino effect is likely to affect other banks as well. Coinbase and Bullish are well positioned to benefit from integrating into this vast distribution channel and matching institutional orders."
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