JPMorgan Expands JPM Coin to Ethereum Network for Institutional Payments
JPMorgan is expanding its blockchain-based payment services by bringing JPM Coin, its dollar deposit token, to the Ethereum network. The move extends the bank's digital payment infrastructure beyond Base and gives institutional clients another blockchain network for transferring tokenized bank deposits.
According to Bloomberg, JPMorgan plans to launch JPM Coin on Ethereum. The token was originally introduced on Coinbase's Ethereum Layer 2 network, Base, last year, allowing eligible institutional customers to transfer deposits and make payments around the clock.
JPM Coin Supports 24/7 Institutional Transfers
JPM Coin is designed to facilitate near-real-time transfers and payments without the restrictions associated with traditional banking hours. Its 24/7 availability allows participating institutions to move funds outside conventional payment windows and potentially avoid delays tied to standard banking operations.
The service is currently available only to JPMorgan Chase's institutional clients through Kinexys, the bank's blockchain-based payment infrastructure. It is not designed for public trading and does not provide access to retail customers.
JPM Coin also differs from decentralized stablecoins. It is a regulated bank deposit token restricted to authorized institutional users rather than a digital asset intended for unrestricted public use or broad integration with decentralized finance (DeFi) applications.
JPMorgan's Blockchain Strategy Despite Dimon's Crypto Criticism
The expansion comes despite JPMorgan CEO Jamie Dimon's well-known criticism of Bitcoin and other cryptocurrencies. While Dimon has maintained a skeptical position toward parts of the crypto market, JPMorgan has continued developing blockchain-based financial services for institutional customers.
The bank launched JPM Coin in 2019, establishing a token-based approach to transferring deposits through its own blockchain infrastructure. The planned Ethereum expansion represents a further step in that strategy, extending the network options available for its institutional payment services.
JPM Coin's restricted access and bank-deposit structure distinguish it from permissionless crypto assets. Its development illustrates how traditional financial institutions can use blockchain technology for payment operations without necessarily adopting the open-access model associated with many decentralized cryptocurrency networks.
source: en.bitcoinsistemi
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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