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JPMorgan Chase Introduces Deposit Token JPM Coin for Institutional Clients
Summary: According to Bloomberg, JPMorgan Chase has launched a deposit token called JPM Coin for institutional clients, as financial institutions continue to expand into the world of digital assets. Naveen Mallela, Co-Head of Kinexys, the bank's blockchain division, stated that JPM Coin represents JPMorgan Chase's US dollar deposits, allowing users to send and receive funds through ...
According to Bloomberg, JPMorgan Chase has launched a deposit token called JPM Coin for institutional clients, as financial institutions continue to expand into the world of digital assets.
Naveen Mallela, Co-Head of Kinexys, the bank's blockchain division, stated that JPM Coin represents JPMorgan Chase's US dollar deposits, allowing users to send and receive funds through the public chain Base linked to Coinbase, enabling round-the-clock, instant payments, changing the previous limitations of taking days and only processing during working hours.
Prior to this, JPM Coin underwent several months of testing with companies like Mastercard and Coinbase participating. JPMorgan Chase plans to open the token to more clients, expand to other currency denominations once approved, and also intends to expand to other blockchains.
The JPM Coin (JPMD) test run plan will be announced in June, with JPMorgan Chase already registering the stock code JPME for the Euro deposit token, and JPM Coin will be accepted as collateral on Coinbase.
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Link: JPMorgan Chase Introduces Deposit Token JPM Coin for Institutional Clients [Copy]
