News
JPMorgan’s blockchain lead says merging TradFi with DeFi is accelerating, as the bank’s pilot with Chainlink and Base shows traditional institutions moving onchain.
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JPMorgan Chase News
JPMorgan Chase is a multinational banking and financial services firm based in New York City in the United States. It is the largest bank in the world in terms of market capitalization and serves millions of customers globally. In 2017, JPMorgan Chase announced it was working on a blockchain-based platform for processing payments. The platform, called Quorum, is a private permissioned blockchain based on Ethereum and is designed to be used by large enterprises. Quorum is notable for its focus on privacy and security and includes features such as data encryption and voting mechanisms that allow users to control who can access the network. In August 2020, JPMorgan Chase sold Quorum to blockchain software company ConsenSys.
JPMorgan Chase has also been involved in other blockchain initiatives, such as the Enterprise Ethereum Alliance (EEA). The EEA is a consortium of enterprises working together to develop enterprise-grade applications on the Ethereum blockchain. JPMorgan Chase is a founding member of the consortium and has worked on projects such as Quorum with other member companies. In 2021, JPMorgan Chase launched its own cryptocurrency, JPM Coin. The cryptocurrency is designed for use in institutional payments, and each coin is backed by one U.S. dollar. Because JPMorgan Chase is one of the largest financial institutions in the world, its involvement in blockchain technology highlights the potential for blockchain in traditional finance.
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In a media interview, Chair Paul Atkins pledged to empower businesses to innovate through tokenization.
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While seeing Circle as well-positioned in the market, JPMorgan analysts warned that competition is a potential threat to the stablecoin issuer.
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Stablecoins are now the “default settlement layer for the internet,” surpassing Visa and Mastercard in onchain transaction volume.
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JPMD may be JPMorgan’s next digital currency. Here’s what the trademark filing reveals about stablecoins, deposit tokens and the GENIUS Act.
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Three JPMorgan executives met with the SEC’s Crypto Task Force to discuss which capital markets instruments could move onchain and how to best navigate the change.
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Once the pilot phase ends, Coinbase’s institutional clients can begin using JPMD for transactions.
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JPMorgan has filed a new trademark that covers a range of potential crypto-services for the bank, which industry commentators speculate could include a stablecoin venture.
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Chainlink, JPMorgan’s Kinexys, and Ondo Finance completed a crosschain DvP settlement between a permissioned payment network and a public RWA blockchain.
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Lower CPI and tariff rollbacks boost crypto’s outlook despite economic concerns and Fed rate uncertainty.
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In some cases, the bank will look at crypto holdings when determining net worth, which may affect how much can be borrowed.
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Taurus said the partnership would enable its expansion into Latin America, a region that ranks highly for cryptocurrency adoption.
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Companies linked to JPMorgan, Bank of America, Citigroup and Wells Fargo have discussed the possibility of jointly issuing a stablecoin, The Wall Street Journal reports.
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JPMorgan CEO Jamie Dimon said he will allow his bank's customers to buy Bitcoin, but the bank will not custody it.
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Stablecoins are gaining renewed momentum, as major banks and payment giants enter the market, but questions remain about their stability, regulatory oversight and the risks posed by centralization and fraud.
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