JPMorgan expands blockchain goals, plans to build ‘interoperable digital money’

Core Viewpoint - JPMorgan aims to create a "regulated, interoperable digital money" through its JPM Coin, facilitating secure and near-instant transactions across financial markets [1] Group 1: JPM Coin Development - JPMorgan plans to expand JPM Coin beyond the Ethereum Layer 2 network, Base, to include Digital Asset's Canton Network and other blockchain platforms, aiming for a multichain settlement system for institutional payments [2] - The introduction of JPM Coin on multiple blockchain networks is intended to establish a foundation for regulated digital money, allowing institutions on Canton to transact with JPM Coin securely and instantly [3] Group 2: Operational Details - JPM Coin functions as a deposit token representing U.S. dollar deposits at JPMorgan, enabling institutional clients to make payments using a digital token on distributed ledgers [3] - Currently, JPM Coin is available to institutional clients on Base, allowing secure and near-instant value transfers, but only to whitelisted wallet addresses to ensure compliance [4] - Unlike JPMorgan's private Kinexys network, JPM Coin operates entirely on public blockchain infrastructure, recording transactions directly on-chain [5][6] Group 3: Use Cases and Benefits - The bank's Kinexys Digital Payments network allows institutional clients to conduct cross-border foreign exchange payments, enhancing efficiency and reliability in multi-currency transactions [5][6] - For instance, Siemens utilizes Blockchain Deposit Accounts for near-instant USD-to-EUR payments, improving liquidity management within its treasury platform [6]