JPMorgan Chase is expanding its JPM Coin deposit token to Ethereum, making blockchain-based dollar payments available on the network. JPM Coin represents U.S. dollar deposits held at JPMorgan.
The largest U.S. bank announced Monday that the token will become available on Ethereum. The move brings the bank's blockchain-based dollar payments to the world's second-largest cryptocurrency network.
The expansion comes as traditional financial institutions increasingly embrace public blockchain infrastructure, according to the announcement.