JPM Coin | Crypto

Argentine lenders are reportedly testing JPMorgan’s JPM Coin to improve settlement speed and efficiency, even as the central bank maintains restrictions on crypto services. Argentine banks are reportedly testing JPMorgan’s deposit token infrastructure for back-end settlement workflows, even as the country’s central bank still bars lenders from offering most crypto-related services to clients, according to local outlet iProUP. A group of financial institutions has begun piloting JPM Coin, a deposit token designed for institutional use. Banco CMF is among the confirmed participants, working through its newly launched corporate unit QORP as part of JPMorgan’s minimum viable product, per the report. “In the first phase, banks are expected to work on integrating available services to verify improvements in settlement times and interbank reconciliations of integrated banks,” Maximiliano Cohn, chief information officer of CMF, reportedly told the outlet. Read more

JPMorgan’s Kinexys unit is taking JPM Coin beyond its existing rails, planning a native launch of the US dollar deposit token on the Canton Network. Digital Asset, the creator of the Canton Network, and Kinexys by JPMorgan plan to bring USD JPM Coin (JPMD) natively to the Canton Network, extending the bank’s deposit token from its existing infrastructure onto a public, institutional-grade blockchain.  The bank has already begun deploying JPM Coin on Coinbase’s Base network for institutional clients as part of a pilot, and has indicated it plans to support additional public blockchains over time, making Canton another leg in a multi-chain strategy. According to an announcement shared with Cointelegraph, JPM Coin by Kinexys Digital Payments is “the first bank‑issued, USD‑denominated deposit token” designed for institutional clients and represents a digital claim on JPMorgan US dollar deposits on distributed ledger infrastructure.  Read more

For decades, wholesale dollar settlement has meant waiting for Fedwire to open, and JPMorgan just stopped waiting. The bank converted its permissioned “JPM Coin” system into JPMD, a deposit token backed by insured balances at JPMorgan, and placed it on Coinbase’s Ethereum layer-2 (L2) Base. Pilot transactions with B2C2, Coinbase, and Mastercard are already live. […] The post JPMorgan just put JPM Coin bank deposits on Base – and beat the Fed to 24/7 settlement appeared first on CryptoSlate.