JPMorgan Chase & Co. is expanding its blockchain payments initiative by launching its deposit token, JPM Coin, on the Ethereum network. This move marks another step in the bank’s efforts to integrate blockchain technology into traditional financial services, as Wall Street increasingly embraces public networks for transactions.
The JPM Coin, which represents US dollar deposits at JPMorgan, will now be available to institutional clients on Ethereum. Initially introduced last year on the Base blockchain, the token allows for near-instant money transfers, operating 24/7 rather than adhering to traditional banking hours. The bank anticipates that large clients in the cryptocurrency sector and financial institutions dealing with tokenized assets will utilize the token for payments and collateralization.
Emma Landriault, global head of Kinexys Labs at JPMorgan’s blockchain division, highlighted the growing convergence between Wall Street and the crypto ecosystem. She noted that Ethereum was chosen for its liquidity and widespread use among clients, with the network holding about $50 billion in assets locked into its applications, according to DefiLlama data.
JPMorgan’s move comes as financial firms explore ways to enhance asset movement using blockchain technology. The bank also operates the Kinexys Blockchain Deposit Account network, processing over $7 billion in transactions daily on its private blockchain. This expansion underscores the bank’s active role in blockchain development and its commitment to bridging traditional finance with the crypto world.