JPMorgan Chase & Co. has started rolling out a deposit token called JPM Coin to institutional clients, a move that comes as financial institutions continue to broaden their footprint in digital assets. The token — which represents dollar deposits at the world’s largest bank — allows users to send and receive money via Coinbase Global Inc.-affiliated public blockchain Base, Naveen Mallela, global co-head of the bank’s blockchain division Kinexys, said in an interview. This enables payments to process in seconds and 24/7, rather than in days and during working hours. The launch follows a trial period for JPM Coin over the past few months, which involved firms such as Mastercard, Coinbase and B2C2, the companies said in a statement. The bank plans to make the token accessible to clients of its clients at a later stage and expand to other currency denominations, pending approval from regulators, Mallela said. It also intends to expand to other blockchains, he added.

Full report : JPMorgan Launches Blockchain-Based JPM Coin for Institutional Players.