- JPMorgan Chase is expanding its JPM Coin deposit token to the Ethereum blockchain for institutional clients.
- JPM Coin represents US dollar deposits held at JPMorgan, enabling fund transfers within seconds around the clock.
- Crypto companies could use the token for blockchain payments, while financial institutions could use it to settle trades and post collateral.
JPMorgan Chase, the world’s biggest bank by market capitalization, is expanding its JPM Coin deposit token to Ethereum, Bloomberg reported on Monday.
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JPM Coin represents US dollar deposits held at JPMorgan and lets eligible clients transfer funds within seconds, around the clock.
Meanwhile, Emma Landriault, global head of Kinexys Labs, said crypto companies could use the token for blockchain payments, while financial institutions could use it to settle trades and post collateral.
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