US banking giant JPMorgan has announced a pilot of a permitted USD deposit token called JPMD, a Layer 2 Ethereum Network built by listed Exchange Coinbase (Coin).
Earlier this week, the bank submitted a trademark application for a crypto-centric platform named JPMD, designed to provide services such as trading, exchange, transfer and payment services for digital assets.
According to a press release, it marks the first deployment of JPMorgan’s Kinexys distributed ledger technology studio, an alternative to stubcoin for bank clients.
Banks and other enterprise players are busy in the Stablecoin space ahead of the land-to-land rules on US dollar peg tokens soon. JPMorgan attracted a lot of attention for the so-called JPM coin.
“We are excited to see one of the world’s most prominent banks on-chain,” said Jesse Pollak, Coinbase’s Vice President of Engineering. “The basics provide a sub-second sub-cent, 24/7 settlement that allows for almost instantaneous transfer of funds between JP Morgan’s institutional clients. Coinbase is a proud JP Morgan institutional client, and this pilot combines the reliability of both JP Morgan and the base to guide the institutional funds into a more global economy.”
