JP Morgan Implements Programmable Payments, Poloniex Loses Over $100 Million

Market Update Despite U-Mich sentiment data showing higher forward inflation expectations and reduced consumer confidence, equity indices are rising sharply today. The SPY has risen 1.33%, while the QQQ has gained over 2%. Crypto markets are somewhat mixed today following the confirmation of Blackrock’s spot Ether ETF application. $ETH (-1.34%) is trading firmly above $2k, while $BTC (+1.51%) is holding the $37k level. Ethereum-adjacent tokens are seeing renewed interest from investors amid increased ETH optimism. Liquid staking tokens $RPL and $LDO have gained 37.6% and 28.1%, respectively, over the last seven days, and layer-2 tokens $OP and $ARB have both gained over 10% this week.JP Morgan (JPM) continues testing new use cases with its in-house blockchain network and settlement token, JPM Coin. JPM has implemented programmable payments with JPM Coin, streamlining transactions by automating payment execution based on preset rules. Programmable payments remove the need for manual checks and approvals, allowing funds to be distributed outside of work hours or on weekends and holidays, improving the efficiency of institutions’ treasury functions. JPM’s institutional clients have access to the programmable payments feature and are seeing early adoption from companies includ