JPMorgan Chase to pilot JPMD deposit token on Coinbase’s Base

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JPMorgan Chase & Co. To launch the JPMD code on Blockchain, which represents the dollar deposits.
The JPMD code will initially be available to institutional clients in JPMorgan and can provide a capacity for Stablecoins.

JPMorgan Chase, the largest bank in the United States, will launch a experimental program for JPMD, a symbol representing the dollar deposits, expanding the bank’s presence in the digital assets sector, Bloomberg I mentioned Tuesday.

The bank plans to convert JPMD from its digital portfolio to Coinbase Global, the biggest encryption exchange in the United States, in the coming days, according to Naveen Malleda, the global co -chair of the Blockchain section at JPMorgan Bank.

The distinctive symbol will be released and transferred to the base, the layer of 2 layer supported by Coinbase, and itself in the dollar. Coinbase’s founders will be able to use the distinctive symbols to deposit for transactions. JPMorgan plans to expand the pilot to other users and currencies after several months, taking into account the organizational approval.

Distinctive codes can provide advantages on stablecoins, including potential pregnancy features to cover future deposit insurance, according to Malay.

The current KINEXYS digital payment network from JPMorgan is processing more than two billion dollars in daily transactions, after an increase of 10 times last year. This is a small part of about 10 trillion dollars in the daily transactions treated by the JPMorgan payment department.

Although JPMD is designed for public files, it will remain only a square symbol for institutional customers.

This is a developing story. We’ll update and we learn more.