JP Morgan, the largest banking institution in the United States, is launching its own deposit cryptocurrency called JPM Coin (JPMD) aimed at institutional customers.
The deployment of this asset will run on the Base network created by cryptocurrency exchange Coinbase in collaboration with Mastercard as an active part of the development and technical infrastructure of this asset.
Deposit tokens are digital representations of traditional bank deposits that operate on a cryptocurrency network. These assets seek to combine the security and regulation of bank accounts with the inherent efficiency of crypto assets.
JPM Coin is backed by dollar-denominated deposits. Users will be able to send and receive funds almost instantly.24 hours a day, seven days a week. This feature is in sharp contrast to traditional banking processing times, which typically take several days to operate and are only performed during business hours.
The company says it has plans to incorporate other currency units into its cryptocurrency, subject to approval from relevant regulatory bodies. JP Morgan too We are considering the possibility of expanding our presence to other networks in the future..
Banks’ foray into these types of digital assets is not new. JPM Coin had already started its testing phase in June, but this was a novelty reported by CriptoNoticias at the time.
JPMorgan Chase’s move comes against the backdrop of regulatory flexibility in the United States. These efforts, such as the famous Genius Act that seeks to regulate stablecoins, promoted by the Donald Trump administration, create a more favorable framework for the adoption of digital assets by financial institutions.
(Tag translation) Altcoin
