JPMorgan Chase has launched its deposit token JPM Coin for institutional clients.

BlockBeats News, November 12th, according to Bloomberg, JPMorgan has started offering its institutional clients a deposit token called JPM Coin. Naveen Mallela, Co-Head of Kinexys Global at the bank's blockchain division, stated that JPM Coin represents JPMorgan's US dollar deposits. Users can send and receive funds through the Base public chain associated with Coinbase, enabling 24/7, instant settlement payments, transforming the previous days-long, business hours-only processing limitations.

JPMorgan plans to eventually open up this token to non-institutional clients, expand to other currency denominations post-approval, and intends to extend to other blockchains. The JPM Coin (JPMD) pilot program was announced in June, JPMorgan has registered the stock code JPME for the Euro deposit token, and JPM Coin will be accepted as collateral on Coinbase.