On December 18, JPMorgan Chase migrated its tokenized deposit product, JPM Coin (JPMD), from its internal permissioned blockchain Kinexys to Coinbase's Ethereum Layer 2 network Base to meet the needs of institutional clients for payments, collateral, and margin settlements on public blockchains.
JPMorgan Chase stated that currently, cash or cash-like instruments on public blockchains are mainly stablecoins, thus creating market demand for on-chain payment tools based on bank deposits. JPMD is a permissioned token that allows transfers only between whitelisted users and can be used as collateral or margin payment for crypto transactions. (CoinDesk)
