JPMorgan to Pilot Deposit Token on Coinbase-Linked Blockchain

JPMorgan Chase & Co. will launch a pilot for a token called JPMD that represents dollar deposits at the world’s biggest bank, as financial institutions deepen their push into the digital-asset sector.

In a transaction expected to take place within days, JPMorgan will move a fixed amount worth of JPMD from the bank’s digital wallet to the biggest US crypto exchange, Coinbase Global Inc., Naveen Mallela, global co-head of the bank’s blockchain division Kinexys by JPMorgan, said in an interview.

The token issuance and transfer will happen on Coinbase-affiliated public blockchain Base, and will be denominated in dollars, ...