US Banking Giant JPMorgan has announced the pilot of a permitted USD deposit smoking called JPMD on the basis of Layer 2 Ethereum Network built by Listed Exchange Coinbase (Coin).
Earlier this week, the bank submitted a trademark request for a crypto-oriented platform with the name JPMD, designed to offer services such as trade, exchange, transfer and payment services for digital assets, as well as the issue of digital assets.
According to a press release, the institution—oriented JPMD, an alternative to Stablecoins, marks the first deployment of JPMorgan’s Kinexys Distributed Ledger Technology Studio on a public blockchain.
Banks and other business players are printing in the Stablecoin room prior to the soon-to-country rules around Dollar-Pegks-Tokens in the American JPMorgan, received a lot of attention for the so-called JPM Munt, a token for arranging the money leg of transactions on his private blockchain, then Onyx digital assets.
“We are very happy to see that one of the world’s most prominent banks are coming onchain,” said Jesse Pollak, maker of Base and VP of Engineering in Coinbase. “Basic provides sub-second, subcent, 24/7 settlement, which means that fund transfers between JP Morgan Institutional clients almost immediately. Coinbase is a proud JP Morgan Institutional client, and this pilot combines the credibility of both JP Morgan and Base to bring institutional money into a more global economy.”