Giant #WallStreet on the attack!
#JPMorgan moves its deposit token to #Ethereum to capture institutional liquidity
Strategic expansion to Ethereum
JPMorgan Chase & Co. is integrating its deposit token (#JPMCoin ) into the Ethereum network. This move expands the bank’s foray into blockchain payments beyond Base, the Coinbase-affiliated Layer 2 network where it was initially launched last year.
Greater liquidity and institutional adoption: According to Emma Landriault, head of Kinexys Labs, Ethereum was chosen because it offers greater liquidity than its rivals and has already seen widespread adoption among the bank’s corporate clients.
Real-time transactions: The digital token enables crypto companies and financial institutions to settle transactions and send or receive funds in a matter of seconds, operating 24 hours a day, 7 days a week.
Scale of operations: The bank’s private blockchain network, Kinexys, currently processes more than $7 billion a day (a smaller figure compared with the $12 trillion in daily transactions handled by the bank’s traditional payments business). Meanwhile, DeFiLlama data shows that nearly $50 billion in crypto assets are locked in Ethereum-based applications.
#CryptoNews
$ETH
$JPMB
$JPM
#JPMorgan moves its deposit token to #Ethereum to capture institutional liquidity
Strategic expansion to Ethereum
JPMorgan Chase & Co. is integrating its deposit token (#JPMCoin ) into the Ethereum network. This move expands the bank’s foray into blockchain payments beyond Base, the Coinbase-affiliated Layer 2 network where it was initially launched last year.
Greater liquidity and institutional adoption: According to Emma Landriault, head of Kinexys Labs, Ethereum was chosen because it offers greater liquidity than its rivals and has already seen widespread adoption among the bank’s corporate clients.
Real-time transactions: The digital token enables crypto companies and financial institutions to settle transactions and send or receive funds in a matter of seconds, operating 24 hours a day, 7 days a week.
Scale of operations: The bank’s private blockchain network, Kinexys, currently processes more than $7 billion a day (a smaller figure compared with the $12 trillion in daily transactions handled by the bank’s traditional payments business). Meanwhile, DeFiLlama data shows that nearly $50 billion in crypto assets are locked in Ethereum-based applications.
#CryptoNews
$ETH
$JPMB
$JPM