PANews reported on November 12th, citing Bloomberg, that JPMorgan Chase has begun launching a deposit token called JPM Coin to its institutional clients as financial institutions expand their digital asset portfolios. Naveen Mallela, global co-head of Kinexys, the bank's blockchain division, stated that JPM Coin represents JPMorgan's US dollar deposits, allowing users to send and receive funds through the Base blockchain, linked to Coinbase, enabling 24/7, instant payments and overcoming the limitations of previous methods that took days and were only available during business hours. JPM Coin previously underwent a months-long trial run, with companies such as Mastercard and Coinbase participating. JPMorgan plans to subsequently open the token to its clients' clients, expand to other currency denominations upon approval, and also intends to extend it to other blockchains. The JPM Coin (JPMD) trial run plan was announced in June, and JPMorgan has registered the stock code JPME for the euro deposit token, with JPM Coin being accepted as collateral on Coinbase.