JPMorgan's JPM Coin, representing dollar deposits, is coming to Ethereum: Bloomberg
Source: CoinDesk ·
From the source
JPMorgan's dollar deposit token is heading to Ethereum as the lender looks to offer it to wider selection of institutional clients. JPMorgan(JPM), the largest U.S. bank, is bringing its almost year-old crypto token , JPM Coin, to Ethereum as part of a plan to expand beyond Base, the layer-2 blockchain built by Coinbase Global COIN . The bank chose Ethereum because the blockchain offers more liquidity than rival networks and is already used by institutional clients, Emma Landriault, the head of Kinexys Labs at JPMorgan’s blockchain division Kinexys, said in an interview with Bloomberg . The banking giant flagged a move outside Base back in January, saying it was planning to take the token to the Canton Network. Broadening its availability aims to serve crypto firms that want to make blockchain payments and financial firms that need a digital token to settle trades or back tokenized assets, Landriault said. Landriault didn’t say when JPM Coin , which represents dollar deposits at the…