Jpmorgan Expands Access To JPM Coin Among Institutional Investors

(MENAFN- Yolo Wire) JPMorgan Chase (NYSE: $JPM), the largest U.S. bank, is expanding access to its JPM Coin among institutional investors.

The New York-based lender says that it is bringing its year-old crypto token, JPM Coin, to the Ethereum (CRYPTO: $ETH) network as it looks to offer more digital assets to institutions.

JPM Coin is currently only available on Base, the Layer-2 blockchain built and operated by cryptocurrency exchange Coinbase Global (NASDAQ: $COIN).

The bank said that it is placing JPM Coin on the Ethereum network because the blockchain offers more liquidity and is widely used by institutional investors.

Broadening access to JPM Coin will help institutional clients of JPMorgan that want to make blockchain payments and need a digital token to settle trades or back tokenized assets.

JPM Coin represents dollar deposits at the bank. It's not clear when JPM Coin will become available on the Ethereum network.

Tokenization is the process of converting real-world assets and financial assets into a digital form that's recorded and traded on a blockchain network such as Ethereum.

JPMorgan's private blockchain network, called "Kinexys," currently handles more than $7 billion U.S. a day in payments.

JPMorgan Chase and a dozen other banks have announced plans to start a shared network for tokenized deposits in the U.S.

JPM stock has risen 12% over the last year to trade at $337.97 U.S. per share.

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