US banking giant JPMorgan continues its steps towards the cryptocurrency market. In this regard, JPMorgan announced that it has expanded JPM Coin, which Coinbase launched on its Ethereum Layer 2 network Base last year, to the Ethereum network.
JPMorgan Expands to the Ethereum Network!
According to Bloomberg, JPMorgan will launch its dollar deposit token, JPM, on the Ethereum network. Originally launched on the Base network last year, JPM Coin allows institutional clients to transfer deposits 24/7.
At this point, JPM Coin enables institutional clients to transfer money and make payments 24/7, in near real-time, without being limited by traditional bank operating hours or payment delays.
Currently, JPM Coin is only offered to JPMorgan Chase institutional clients through Kinexys and does not support public trading or access for retail clients. It is also noted that JPM Coin is a regulated bank deposit token usable only by authorized institutional clients and, unlike decentralized stablecoins, is not structured for free use by everyone or widespread integration with decentralized finance (DeFi) services.
As is known, JPMorgan CEO Jamie Dimon is known for his critical stance towards Bitcoin and cryptocurrencies in the market. However, despite this stance, the bank CEO launched JPM Coin in 2019. Transactions are carried out through JPMorgan’s blockchain-based payment infrastructure, Kinexys.
*This is not investment advice.
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