RabbitVectorStory
JPMorgan to bring its deposit token, JPM Coin, to Ethereum
Leans positive
Major bank adoption of public blockchain seen as validating
What happened
JPMorgan has a system called JPM Coin that lets big clients move dollars they've deposited with the bank, digitally, between accounts. According to Bloomberg, JPMorgan is expanding this so it works on Ethereum, a public blockchain, instead of only on JPMorgan's private, in-house system.
Why it matters
It's a sign that a major traditional bank sees value in public blockchains for moving money, which can be a vote of confidence for the technology even though this product isn't really aimed at everyday crypto holders.
Should I do anything?
Nothing to do here — this is a corporate banking product for large institutional clients, not something that affects your personal holdings or requires any action.
Terms used
- JPM Coin
- A digital token JPMorgan uses internally to let big clients move dollar deposits quickly between accounts
- deposit token
- A digital stand-in for money a bank is already holding for you, used to move or track it more easily
- Ethereum
- A public blockchain network that anyone can build on, separate from any single company's private systems