JPMorgan Rolls Out JPM Coin Leveraging Coinbase's Base

JPMorgan Chase has launched JPM Coin, a digital deposit token aimed at institutional clients, representing a significant move into the digital asset space. The JPM Coin allows for near-instantaneous transfers using Coinbase's public blockchain, Base. Unlike stablecoins, JPM Coin is a digital claim on existing bank deposits and can be interest-bearing, providing a new investment avenue for institutional clients. This launch follows a successful trial with key players such as Mastercard and B2C2, indicating strong industry collaboration. JPMorgan intends to expand the coin's capabilities across different blockchains and potentially into other currencies, pending regulatory approvals. Moreover, the JPM Coin will serve as collateral on Coinbase, enhancing its position within the crypto market. The introduction of digital deposit tokens aligns with the broader trend of global financial institutions, including Citigroup and Deutsche Bank, exploring innovative digital solutions to streamline payments and reduce costs.

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