JPMorgan Chase, the largest bank in the U.S., is doubling down on its bet on the crypto space by launching its own eponymous token, further blurring the lines between commercial banking and the crypto industry.
The bank announced on Tuesday that it would be piloting the new digital currency called JPMD in the coming days, in partnership with crypto exchange Coinbase. Rather than a stablecoin, as some were expecting, JPMD will be a deposit token—a digital representation of a bank deposit that is managed with blockchain technology. The company filed a trademark for “JPMD” over the weekend.
