JPMorgan (JPM) will launch a pilot for a token called JPMD that represents dollar deposits at the bank in a transaction expected to take place within days, reported Bloomberg’s Anna Irrera and Olga Kharif. Naveen Mallela, global co-head of the bank’s blockchain division Kinexys by JPMorgan, said in an interview that JPMorgan will move a fixed amount worth of JPMD from the bank’s digital wallet to Coinbase Global (COIN), the biggest U.S. crypto exchange, the report noted. The token issuance and transfer will happen on Coinbase-affiliated public blockchain Base, and will be denominated in dollars, Mallela is quoted as having said.
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