JPMorgan Rolls Out Deposit Token JPM Coin in Digital Asset Push

JPMorgan Chase & Co. has started rolling out a deposit token called JPM Coin to institutional clients, a move that comes as financial institutions continue to broaden their footprint in digital assets.

The token — which represents dollar deposits at the world’s largest bank — allows users to send and receive money via Coinbase Global Inc. affiliated public blockchain Base. This enables payments to process in seconds and 24/7, rather than in days and during working hours.

The launch follows a trial period for JPM Coin over the past few months, which involved firms such as Mastercard, Coinbase and B2C2, the companies said in a statement. The bank plans to make the token accessible to clients of its clients at a later stage and expand to other currency denominations.

The launch marks a significant expansion of JPMorgan’s blockchain efforts and comes as global banks and large companies including Citigroup Inc., Banco Santander, Deutsche Bank and PayPal Holdings Inc. experiment with ways to use digital assets to make payments faster and cheaper. It follows the passage of the Genius Act in the US, which regulates stablecoins, another increasingly popular form of digital money.