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JPMorgan to Pilot Blockchain-Based JPMD Token on Coinbase’s Base Network
- JPMorgan is set to pilot its blockchain-based JPMD token on Coinbase's Base network, an Ethereum Layer 2 network.
- The bank plans to initiate the first JPMD transaction from a Chase wallet shortly, positioning JPMD as an alternative to stablecoins.
- JPMD aims to facilitate sub-second, low-cost transactions for real-time liquidity and near-instant settlement.
- The token will represent commercial bank deposits on a permissioned framework for approved institutional clients.
- Initially limited to the U.S. dollar, expansion to other currency denominations is possible pending regulatory approvals.
- JPMorgan's foray into blockchain experimentation includes the JPM Coin system and reflects a move to merge traditional finance with public blockchain networks.
- The pilot project signifies a step towards faster, on-chain commercial banking transactions, emphasizing real-time fund movements.
- JPMorgan aims to streamline money transfers from days to seconds through the JPMD token on the Base network.
- The initiative highlights JPMorgan's commitment to blockchain infrastructure innovation and institutional-grade compliance control.
- The story was first reported by Coindoo.
- The move showcases JPMorgan's interest in leveraging blockchain technology for enhanced financial services.
- JPMD's use case focuses on enabling quick and cost-effective cross-border transactions with its permissioned access.
- The pilot project aligns with JPMorgan's previous blockchain ventures, including the JPM Coin system.
- The integration of the JPMD token with Coinbase's Base network underscores a strategic partnership between the entities.
- JPMorgan's selection of Base for JPMD signals a push towards real-time settlement solutions in the commercial banking sector.
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