Kinexys by JP Morgan has announced plans to issue a deposit token, JPMD, in a few days on the Base public blockchain founded by Coinbase. The world’s most systemically important bank emphasized that it is a permissioned token offering a secure alternative to stablecoins for its institutional clients. It follows a recent trademark application for JPMD which started tongues wagging.
The key benefit is it enables 24/7 transactions which cost less than a cent.
In a statement the bank said, “JPMD is intended to enhance the global digital payments ecosystem by bringing trusted financial infrastructure onto public blockchain and redefining how financial institutions tokenize, move, and manage real-world assets. This is another significant milestone showcasing the undeniable value of combining the benefits of traditional banking with the innovation of blockchain technology.”
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