- JPMorgan’s Kinexys will bring its JPM Coin to the privacy-enabled Canton Network in a phased rollout through 2026.
- JPM Coin (ticker: JPMD) is a bank-issued, USD-denominated deposit token for institutional payments and was first launched on the Base layer-2 network.
- The Canton integration aims to enable near-instant issuance, transfer, and redemption of JPMD for institutional clients.
- The project involves collaboration with Digital Asset and may later expand to other Kinexys products, including Blockchain Deposit Accounts.
- Franklin Templeton and the Depository Trust & Clearing Corporation (DTCC) have announced plans to use Canton; Canton’s native token CC has risen strongly since November.
JPMorgan’s Kinexys blockchain unit said Wednesday it will expand its JPM Coin to the privacy-enabled Canton Network in partnership with Digital Asset. The work will proceed in phases through 2026 to enable near-instant issuance, transfer, and redemption of the bank-issued USD deposit token for institutional clients. Kinexys says the move aims to increase efficiency and unlock liquidity on public blockchains.
JPM Coin, ticker JPMD, launched earlier on the Coinbase-incubated Ethereum layer-2 network Base. The token represents JPMorgan deposits and allows institutional clients to make payments using a digital representation of those deposits on public blockchain infrastructure.
The collaboration will initially focus on technical and business frameworks for JPMD issuance, transfer, and redemption on Canton. Once JPMD is natively available on Canton, institutions will be able to issue, transfer, and redeem the token near-instantly. Future phases may consider adding Kinexys Digital Payments offerings, including JPMorgan’s Blockchain Deposit Accounts.
Naveen Mallela, Kinexys Global Co-Head, said: “This collaboration moves the industry forward in transacting on public blockchains. In bringing JPM Coin to Canton, we can further increase efficiency and unlock liquidity.” Yuval Rooz, co-founder and CEO of Digital Asset, added: “This collaboration brings to life the vision of regulated digital cash that can move at the speed of markets.”
Canton has drawn other financial firms recently. Franklin Templeton plans to bring its Benji tokenized fund platform to Canton, and the DTCC said it plans to issue tokenized securities on the network; the DTCC processes about $3.7 quadrillion in transactions annually. Canton’s native token CC began trading in November, peaked at $0.176 on January 1, and recently traded near $0.135, remaining up roughly 82% over the last month according to CoinGecko. Market data is available via an embedded widget.
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