CoinVoice has recently learned that, 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, global co-head of the bank's blockchain division Kinexys, stated that JPM Coin represents JPMorgan Chase's dollar deposit, allowing users to send and receive funds via the public chain Base associated with Coinbase, achieving round-the-clock, instant payment, changing the limitations of previous processing which took several days and only during business hours.
Previously, JPM Coin underwent several months of pilot testing, with participation from companies like Mastercard and Coinbase. JPMorgan Chase plans to later open the token to its clients' clients, expanding to other currency denominations after approval and also intends to extend to other blockchains.
The JPM Coin (JPMD) pilot program was announced in June, and JPMorgan Chase has registered the stock code JPME for the euro deposit token, with JPM Coin being accepted as collateral on Coinbase. [Original link]