JPMorgan Chase has officially launched its blockchain-based deposit token, JPM Coin, for institutional payments, marking a significant step in integrating digital assets into mainstream finance, according to a Bloomberg report on 12 November.
The token, which represents US dollar deposits held at the bank, will now utilize Coinbase's Base public blockchain, enabling clients to transfer money in seconds, around the clock.
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According to Naveen Mallela, global co-head of JPMorgan's blockchain division Kinexys, the move eliminates traditional banking delays. He added that the bank plans to expand the service to other blockchains in the future.
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The launch follows successful pilots with major firms like Mastercard, Coinbase, and B2C2. In a key integration, Coinbase is set to accept JPM Coin as collateral for its transactions and liquidity operations.