JPMorgan Launches JPM Coin on Ethereum for Institutional Clients

On October 19, JPMorgan Chase & Co. announced the launch of JPM Coin, a deposit token representing the bank's dollar deposits, on the Ethereum network for its institutional clients, further expanding its blockchain payment business. The token was initially launched last year on Base, a blockchain network associated with Coinbase, enabling institutional clients to bypass traditional weekday and multi-day settlement cycles and achieve round-the-clock fund transfers within seconds.