JPMorgan Chase is revolutionizing institutional finance with the official launch of its blockchain-based JPM Coin.
The digital token, which represents US dollar deposits held at the bank, will now enable corporate clients to send and receive payments in seconds, 24 hours a day, by utilizing Coinbase’s Base public blockchain.
This move directly challenges the delays inherent in traditional banking systems. According to Naveen Mallela, global co-head of JPMorgan’s blockchain division, the rollout is just the beginning, with plans to expand the token to other blockchains.
The initiative underscores the Wall Street giant’s strategic push to embed digital assets at the core of its banking services. The launch follows successful trials with major players like Mastercard and B2C2, with Coinbase also set to use JPM Coin as collateral for its market operations.
