JPMorgan pushes JPMD pilot on Base, says deposit tokens beat stablecoins
Once the pilot phase ends, Coinbase’s institutional clients can begin using JPMD for transactions.
JPMorgan Chase’s foray into the blockchain ecosystem continues, with the financial institution choosing the Base network to pilot its newly launched deposit token, JPMD.
The pilot program was confirmed by Naveen Mallela, an executive at JPMorgan’s blockchain division, Kinexys, who told Bloomberg that a fixed amount of JPMD tokens will be transferred to crypto exchange Coinbase in the coming days.
The transfer will be facilitated through Coinbase’s layer-2 blockchain, Base, which launched in 2023 and currently has the largest market share among Ethereum layer-2s, according to CoinGecko.