In his annual letter JP Morgan CEO Jamie Dimon warned of a new set of competitors leveraging blockchain, singling out stablecoins, smart contracts and “other forms of tokenization”. He said the bank needs to roll out its “own blockchain technology”.
Among big banks, JP Morgan has embraced blockchain more than others, including making headway in Singapore when the use of blockchain was discouraged in the United States. However, historically it has been less focused on web3 and more on permissioned blockchains, compared to say Standard Chartered and Societe Generale FORGE. So one question is whether “own blockchain technology” might include a public chain.
With a more permissive regulatory environment the bank has made two significant web3 moves in the past few months. These have included launching JPM Coin, an institutionally targeted deposit token on the Base blockchain which was founded by Coinbase. And the launch of its first tokenized money market fund MONY. On the JPM Coin front there’s news out of Argentina yesterday, that a group of banks is starting to trial usage of the deposit token.
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