JPMorgan Chase has launched a deposit token, JPM Coin, for institutional clients

According to Bloomberg, JPMorgan Chase has begun offering a deposit token called JPM Coin to institutional clients, as financial institutions continue to expand their digital asset footprint.

Naveen Mallela, the global co-head of the bank's blockchain division Kinexys, stated that JPM Coin represents JPMorgan's dollar deposits, allowing users to send and receive funds through the public blockchain Base associated with Coinbase, enabling 24/7, near-instant payments, thus overcoming the previous limitations of processing that took days and only during business hours.

Previously, JPM Coin underwent several months of trial runs, with companies like Mastercard and Coinbase participating. JPMorgan plans to subsequently open the token to clients of its clients, expand to other currency denominations once approved, and intends to extend to other blockchains.

The JPM Coin (JPMD) trial run plan was announced in June, and JPMorgan has registered the stock code JPME for the euro deposit token, with JPM Coin being accepted as collateral on Coinbase.