JPMorgan Chase has begun deploying its deposit token, JPM Coin, allowing institutional clients to make instant 24/7 transfers of US dollar deposits on Base.
JPMorgan Chase & Co. — the world’s biggest bank by market capitalization — has begun deploying a token representing deposits held at the bank, called JPM Coin.
According to a Wednesday Bloomberg report, JPMorgan’s institutional clients now have access to the JPM Coin. The bank’s blockchain division co-lead, Naveen Mallela, told Bloomberg that the token represents US dollar deposits at the bank and allows users to send and receive money on the blockchain created by US crypto exchange Coinbase, called Base, a platform endorsed by the bank.
In mid-June, Mallela announced that a fixed number of JPMD tokens would be transferred to Coinbase on Base in the following days. The transfer was part of a pilot phase that was followed by allowing Coinbase’s institutional clients to access the bank’s deposit token.
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