JPMorgan Rolls Out Digital Coin for Instant Settlements, Partners with Coinbase

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JPMorgan has launched its JPM Coin deposit token for client transactions on a public blockchain. The initiative signals the banking giant’s commitment to embedding digital asset technology directly into its core services.

The token facilitates the transfer of US dollar deposits between institutional clients on the blockchain. By leveraging Coinbase’s Base network, JPMorgan can now offer near-instantaneous, 24/7 payments.

Naveen Mallela, a global lead at the bank’s blockchain unit Kinexys, confirmed plans to extend the token’s availability to additional blockchains. The rollout was preceded by a pilot program involving partners like Mastercard and B2C2, with Coinbase also preparing to accept JPM Coin as collateral.