JPMorgan Enters On-Chain Payments with New Deposit Token on Coinbase’s Base
The pilot project is being tested on Base, the Ethereum Layer-2 (L2) network developed by Coinbase.
The new token, dubbed JPMD, is issued by JPMorgan’s blockchain unit, Kinexys, and mirrors actual bank deposits 1:1. While retail users won’t have access, institutional clients will soon be able to move funds instantly across blockchain rails with near-zero fees and around-the-clock availability.
This marks JPMorgan’s push to leverage blockchain for global settlement infrastructure—blending the compliance standards of traditional banking with the flexibility of on-chain finance. The bank joins hundreds of financial firms using Coinbase’s crypto-as-a-service suite to explore tokenized finance solutions.
Meanwhile, Base is expanding its own ecosystem by adding wrapped versions of Cardano and Litecoin, now available as cbADA and cbLTC. These tokens are fully backed and held in Coinbase custody, allowing users to interact with ADA and LTC via Ethereum-compatible applications.
JPMD’s debut reflects a growing trend: legacy banks embracing blockchain not just for experimentation, but for real-world use in financial infrastructure.
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Filed under: Bitcoin - @ June 27, 2025 9:16 pm