JPMorgan Chase to Pilot Issuance of Deposit Token JPMD on Base Network

BlockBeats reported on June 18 that, according to Bloomberg, JPMorgan Chase & Co. is set to launch a pilot program for a token called JPMD. This token represents the US dollar deposits of the world's largest bank, indicating that financial institutions are further deepening their involvement in the digital asset space. The deposit token JPMD will be piloted on a blockchain associated with Coinbase.

According to Naveen Mallela, the Global Co-Head of Blockchain at JPMorgan’s Kinexys division, during an interview, the bank will, within the coming days, conduct a transaction to transfer a certain amount of JPMD from the bank's digital wallet to Coinbase Global Inc., the largest cryptocurrency exchange in the United States.