JPMorgan Moves on Blockchain and Berlin
Hey Digital Banking Fanatic!
JPMorgan Chase has launched JPM Coin, a blockchain‑based deposit token.
JPM Coin represents dollar deposits held at JPMorgan, enabling near-instantaneous transfers using Coinbase’s public blockchain, Base.
The bank plans to eventually deploy the token on other blockchains, give clients' clients access to JPM Coin, and expand the token to multiple currencies (pending regulatory approval).
The coin will even be accepted as collateral on Coinbase.
Meanwhile, in Germany, JPMorgan has moved 120 employees into its new Berlin headquarters ahead of the launch of its digital retail bank under the Chase name, with space for up to 400 staff.
The bank expects to hire additional people in the coming years as it enters the German market. JPMorgan is already one of the largest banks in the country, drawn to its large, wealthy customer base, stable regulatory environment, and FinTech scene.
The two developments reflect JPMorgan’s simultaneous push into blockchain tokenization and digital‑first retail banking in Europe.
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🇺🇸 JPMorgan launches “JPM Coin” on the Coinbase blockchain. Unlike regular stablecoins, JPM Coin directly represents U.S. dollar deposits held at JPMorgan. This means institutions can transfer real funds instantly, even outside normal banking hours.
🇩🇪 JPMorgan employs 120 at its digital retail bank in Germany, to grow over time. JPMorgan's move into German retail banking marks a bold move into the already crowded banking market of Europe's largest economy. The office will also house some staff from other departments, but it is primarily for the retail bank.
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