JP Morgan, one of the world's largest investment banks, has announced the launch of its own token called JPMD, which will represent dollar deposits at the bank.
Launch of JPMD Token
Earlier this week, JP Morgan Chase & Co filed for a blockchain-related trademark, and it was later revealed that the bank plans to launch the JPMD token.
Technical Details and Functionality
The token will be deployed on Base. Naveen Mallela, the global co-head of the bank’s blockchain division Kinexys, stated that 'within days, JP Morgan will move a fixed amount of JPMD from the bank’s digital wallet to the largest US crypto exchange, Coinbase.'
Future Plans
The token will be denominated in dollars. In the future, Coinbase’s institutional clients will be able to use the deposit tokens for transactions. The bank plans to run the pilot for several months and later expand it to other users and currency denominations pending approval from regulators.
This story is developing.
