JPMorgan Chase launches deposit token for institutional clients on Ethereum network
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JPMorgan Chase (JPM) is launching its deposit token, JPM Coin, for institutional clients on the Ethereum network, Bloomberg News reported, citing a statement from the company on Monday.
The deposit token, which represents U.S. dollar deposits, was first launched last year on Coinbase Global-affiliated blockchain Base, the report noted.
JPM Coin enables clients to send and receive money faster and 24/7, according to Bloomberg.
"We've clearly been in a year of further convergence between Wall Street and crypto," Emma Landriault, global head of Kinexys Labs at JPMorgan's blockchain division Kinexys, reportedly said. "It's not just Wall Street going to public chains, but the institutional web3 players getting more embedded and partnering with traditional financial institutions."
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