JPMorgan Launches Blockchain Deposit Token

JPMorgan Chase unveils deposit token on Coinbases Base network, marking a significant step in digital finance. This native payment product, available to institutional clients, leverages Ethereums layer-two network for instant, round-the-clock transactions. The token, representing bank deposits, is a blockchain version of commercial bank money. Despite regulatory review, the bank plans to expand access and introduce new currency versions. Experts see potential for greater efficiency and a 24/7 financial ecosystem, but challenges like data privacy and anti-money laundering risks must be addressed. This launch follows a year of digital asset expansion for JPMorgan, including tokenized U.S. Treasuries and Bitcoin as loan collateral.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.