US banking giant JPMORGAN announced pilots of allowed USD deposit tokens called JPMD, a 2-layer Ethereum network built by the list’s Exchange Coinbase (Coin).
Earlier this week, The bank submitted a trademark application For a cryptocurrency-centric platform called JPMD, it aims to provide services such as transaction, exchange, transfer and payment services for digital assets, as well as the issuance of digital assets.
According to the press release, the agency-focused JPMD is an alternative to Stablecoins for the bank’s clients, marking the first deployment of JPMorgan’s Kinexys Kinexys distribution ledger technology studio on public blockchains.
Banks and other business participants crowded a steady space before the upcoming rule of JPMorgan before the upcoming unified rules, because of its so-called JPM coins, which is a token, a cash leg that places cash legs on its private blocks, then called Onyx Digital Assets.
“We are excited to see that one of the most outstanding banks in the world is Onchain,” said Jesse Pollak, vice president of basic engineering at Coinbase. “The base offers the next, sub-center, 24/7 settlement, which allows JP Morgan institutional clients to transfer funds almost immediately. Coinbase is a proud JP Morgan institutional client, and the pilot combines the credibility of JP Morgan and Base to help bring institutional funding into a more global economy.”
