JPMorgan to Issue Deposit Token 'JPMD' on Coinbase's Base Chain

JPMorgan Chase plans to issue a deposit token named 'JPMD' on the Ethereum (ETH) L2 chain 'Base', operated by major cryptocurrency exchange Coinbase, as reported by CNBC. Unlike many stablecoins that are publicly available, 'JPMD' is a 'permissioned token', accessible only to JPMorgan's institutional investor clients. Deposit tokens generally represent a digital version of a client's deposit claims against a bank, essentially digitizing the deposits held in accounts. The company announced this blockchain-based service on the 15th...