The bank Titan JPMorgan piloting an American Dollar-supported allowed deposit token at Ethereum (Ethics) Layer-2 scaling solution built by American Crypto Exchange Coinbase.
On one statementCoinbase says that JPMorgan launches the token called JMPD on bass through its blockchain business unit KINEXYS.
“These are USD-denominated and supported 1: 1 of the deposit-which combines the programmability of funding on the chain with the confidence and compliance that regulated financial institutions require.”
JPMorgan launches the token to take advantage of global payment rails on the chain. The economic Behemoth goes with over 200 banks, brokers, fintechs and payment providers that press the exchange of the exchange as-a-service platform for their digital asset offers.
The bank plans to eventually let its institutional customers immediately and safely move money on a chain at any time for a fraction of a cent. However, JPMD is built exclusively for institutional customers and is not available for retail or individual consumers.
The base has also rolled out support for the wrapped versions of Cardano (Ada) and Litecoin (LTC). In a post on the social media platform X, Coinbase says It has 1: 1 reserves of the assets as back CBADA and CBLTC.
“CBADA and CBLTC are now living on Coinbase. CBADA and CBLTC are the ERC-20 token supported 1: 1 by ADA and LTC held in custody of Coinbase.”
Generated Picture: Midjourney
