JP Morgan brings its deposit token product JPM Coin to Ethereum, for institutional clients
JP Morgan has brought its deposit token product, JPM Coin, to the Ethereum layer 1 blockchain network.
Developed by Kinexys, JP Morgan’s blockchain unit, JPM Coin is the first bank-issued USD-denominated deposit token. The token is designed to provide institutional clients with the ability to make payments using a digital representation of JP Morgan USD deposits on a public distributed ledger.
Institutional clients can now move money quickly, easily and securely on Ethereum in addition to Base, meaningfully expanding the scale of access to native onchain cash that sits alongside the assets, collateral, and counterparties they transact with already.
Emma Landriault, global head, Kinexys Labs, says: “Tokenised financial infrastructure is no longer theoretical. It’s already restructuring liquidity, settlement, and digital asset workflows. Issuing JPM Coin first on Base and now on Ethereum is a meaningful step towards providing our institutional clients with multi-chain optionality for moving wholesale money across both the web3 and traditional finance ecosystems.”
“Ethereum is where much of J.P. Morgan’s digital asset work started. A decade ago we built and open sourced Quorum, our enterprise version of Ethereum, and that early work led directly to JPM Coin and what is now Kinexys. Now JPMD is on Ethereum mainnet itself. More institutions are moving onchain and we want our clients to have USD deposit liquidity wherever they’re operating. A lot of that activity is on Ethereum, so it was the natural place to go next.” – says Oli Harris, Global Head of Kinexys by J.P. Morgan.
