The move extends the bank’s blockchain payments strategy, giving institutional customers another way to transfer US dollar deposits around the clock.
JPMorgan Chase & Co. is expanding its blockchain-based payment services by bringing JPM Coin to the Ethereum network, reflecting growing interest among major financial institutions in using public blockchains to move money more efficiently.
The deposit token, which represents US dollar deposits held at JPMorgan, will become available to the bank’s institutional clients on Ethereum, the lender announced Monday.
JPM Coin was first launched last year on Base, a blockchain network affiliated with Coinbase Global Inc. The token enables eligible clients to send and receive funds within seconds, at any time of day, rather than relying on conventional banking transfers that can take several days and are often restricted to business hours.
By expanding the service to Ethereum, JPMorgan is broadening the blockchain infrastructure available to its institutional customers. The move comes as traditional financial firms become increasingly comfortable using public blockchain networks for payment and settlement activities.
Unlike conventional cryptocurrency assets, JPM Coin represents deposits held with the bank. Its purpose is to facilitate the movement of money between eligible institutional participants while retaining a connection to the traditional banking system.
The expansion highlights how established banks are exploring blockchain technology beyond cryptocurrency trading. Faster transfers, continuous availability and more flexible settlement options are becoming important considerations for financial institutions seeking to modernize their payment infrastructure.
JPMorgan’s decision to extend JPM Coin to Ethereum signals another step in that transition, as banks look for ways to combine the reliability of traditional deposits with the speed and accessibility of blockchain-based transactions.
