JPMorgan Rolls Out JPM Coin Leveraging Coinbase's Base
JPMorgan launched JPM Coin, a digital deposit token, using Coinbase's Base blockchain for near-instant institutional transfers.Summary
JPMorgan Chase has officially launched JPM Coin (JPMD), a digital deposit token for institutional clients, representing dollar deposits held at the bank. This launch leverages Coinbase's public blockchain, Base, to enable near-instantaneous, 24/7 settlement of payments, moving away from traditional multi-day restrictions. JPM Coin is distinct from stablecoins as it functions as an interest-bearing digital claim on existing bank funds, making it attractive to institutional investors. JPMorgan intends to expand the token to other blockchains, support multiple currencies pending regulatory approval, and allow it to be accepted as collateral on Coinbase. This move is part of a broader trend among major financial institutions exploring digital tokens to enhance payment speed and reduce costs.
(Source：CoinDesk)