BlockBeats news, on December 18, JPMorgan has migrated its tokenized deposit product JPM Coin (JPMD) from the internal permissioned chain Kinexys to Coinbase's Ethereum Layer 2 network Base, to meet the needs of institutional clients for payments, collateral, and margin settlement on public chains.
JPMorgan stated that currently the cash or cash-like instruments on public chains are mainly stablecoins, hence there is a demand for on-chain payment tools based on bank deposits. JPMD is a permissioned token that is transferable only between whitelisted users and can be used as collateral or margin payment tools related to crypto trading. (CoinDesk)
