JP Morgan Set to Unveil JPMD Token on Base: Essential Information to Understand

Multinational investment bank JP Morgan is set to pilot its own token, JPMD, following a recent blockchain-related trademark application. The token, representing dollar deposits, will be launched on Base. As per Naveen Mallela, the global co-head of Kinexys, JP Morgan's blockchain division, a fixed amount of JPMD will be moved from the bank's digital wallet to Coinbase, the largest US crypto exchange, in an upcoming transaction.

The token, denominated in dollars, will initially be used by Coinbase’s institutional clients for transactions. JP Morgan intends to run this pilot over several months before potentially expanding to other users and currency denominations, subject to regulatory approval.