Latest news with #NaveenMallela
Coin Geek
19-06-2025
- Business
- Coin Geek
JPMorgan confirms plans to launch JPMD ‘stablecoin'
Getting your Trinity Audio player ready... JPMorgan (NASDAQ: JPM) has confirmed that it plans to launch JPMD, a stablecoin-like' deposit token,' which will function like a digital representation of a commercial bank deposit. A spokesperson for the bank revealed the plans to CNBC on June 17, hot on the heels of the financial behemoth filing for a new trademark for 'JPMD,' which kicked off a round of speculation that it was expanding its digital asset activities. According to JPMorgan, JPMD will launch on Coinbase's (NASDAQ: COIN) Ethereum-based Base blockchain. JPMD will supposedly allow for round-the-clock settlement as well as an interest-paying mechanism. However, it will only be available to JPMorgan's institutional clients. 'We see institutions using JPMD for onchain digital asset settlement solutions as well as for making cross-border business-to-business transactions,' global co-head of Kinexys, J.P. Morgan's blockchain unit's Naveen Mallela told CNBC. Rumors around JPMorgan's blockchain plans began to intensify after the JPMD trademark was filed on June 15. The application stated that the trademark is intended to be used in connection with a host of goods and services, relating to digital asset use cases. For example, it cites 'providing trading, exchange, transfer and payment services for digital assets, namely, virtual currency, digital tokens, payment tokens, decentralized application tokens and blockchain enabled currency.' Later, it lists 'Financial services, namely, facilitating the deposit, holding and withdrawal of electronic funds' and 'Financial services, namely, a financial futures exchange for trading currency including digital currency.' Virtually any service you'd feasibly expect JP Morgan to provide in connection with digital assets is covered in the application's description. The acronym JPMD, however, was speculated to refer to a stablecoin offering—JPMorgan Dollar. The trademark application was made under Sections 1(b) and 44(d) of the United States Trademark Act. Section 1(b) filings are used where the company applying for the trademark has a 'bona fide intention' to use the trademark in connection with goods and/or services in the near future. Section 44(d) is used when a trademark application has previously been filed in another jurisdiction—in this case, JPMorgan filed the same trademark application in Singapore on June 11. The timing is notable. The stablecoin question in the U.S. has received increased attention from the public and private sectors over the past few months. The U.S. Senate's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which is the country's push to fully regulate stablecoin issuance, passed a vote on the Senate floor last month. It specifies who may issue stablecoins and how they must be backed and, in its current form, would require non-publicly listed entities to seek regulatory approval before issuing stablecoins. Perhaps detecting a seachange for stablecoins is on the horizon; the Wall Street Journal reported in May that the largest banks in the U.S. are considering teaming up to launch a stablecoin, including Bank of America (NASDAQ: BAC), Citigroup (NASDAQ: C), Wells Fargo (NASDAQ: WFC) and JPMorgan. It also reported that retailers Amazon (NASDAQ: AMZN) and Walmart (NASDAQ: WMT) were exploring their own stablecoins to shave off transaction fees currently being charged by legacy payment processors. All of this is buoying the stablecoin and broader digital asset markets. Circle (NASDAQ: CRCL), the issuer of one of the most prominent stablecoins, soared to all-time highs this week, reaching $151 a share. Virtually all Bitcoin ETFs are up roughly 5% on the month and around 30% in the past three months. Watch: Blockchain is much more than digital assets title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Finextra
18-06-2025
- Business
- Finextra
JPMorgan rises to stablecoin challenge with roll out of deposit token
JPmorgan's response to the rising interest in stablecoins is to launch its own rival token, called JPMD. 1 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The US banking giant has told CNBC that it's planning to launch a so-called deposit token on Coinbase's public blockchain Base, which is built on top of the Ethereum network. Each deposit token is meant to serve as a digital representation of a commercial bank deposit. The new yield-bearing token will offer round-the-clock settlement and will only be available to the bank's commercial client base. 'We see institutions using JPMD for onchain digital asset settlement solutions as well as for making cross-border business-to-business transactions,' Naveen Mallela, global co-head of Kinexys, JPMorgan's blockchain unit, told CNBC. 'Given the fact that deposit tokens would eventually be interest bearing as well, this would provide better fungibility with existing deposit products that institutions currently use.' The bank says that while its token may share some similarities with a stablecoin, it's ultimately a different kind of product, providing institutions with a similar product that also has the benefit of closer ties to the banking system. In May, the Wall Street Journal reported that PMorgan Chase, Bank of America, Citigroup, and Wells Fargo have held discussions on potentially launching a stablecoin that will improve transaction speeds whilst managing competition from encroaching crypto firms. The move follows US regulatory action towards stablecoin regulation, with the Senate pushing for the Guiding and Establishing National Innovation for Stablecoin Act (GENIUS Act).
CNBC
17-06-2025
- Business
- CNBC
JPMorgan moves further into crypto with stablecoin-like token JPMD
JPMorgan Chase is taking a step further into the cryptocurrency space with its own stablecoin-like token, called JPMD. The U.S. banking giant told CNBC on Tuesday that it's planning to launch a so-called deposit token on Coinbase's public blockchain Base, which is built on top of the Ethereum network. Each deposit token is meant to serve as a digital representation of a commercial bank deposit. JPMD will offer clients round-the-clock settlement as well as the ability to pay interest to holders. It is a so-called "permissioned token," meaning it is only available to JPMorgan's institutional clients — unlike many stablecoins, which are publicly available. "We see institutions using JPMD for onchain digital asset settlement solutions as well as for making cross-border business-to-business transactions," Naveen Mallela, global co-head of Kinexys, J.P. Morgan's blockchain unit, told CNBC Tuesday. "Given the fact that deposit tokens would eventually be interest bearing as well, this would provide better fungibility with existing deposit products that institutions currently use," he added. JPMorgan said the benefit of launching a deposit token over a stablecoin is that it gives institutional clients a way to move money around faster and easier while still having a close connection with traditional banking systems. A stablecoin is a type of digital token that's designed to be pegged 1:1 to the value of a fiat currency at all times. The most popular stablecoins are Tether's USDT and Circle's USDC. The entire stablecoin market is worth approximately $262 billion, according to data from CoinGecko. In the U.S., stablecoins remain broadly unregulated — although this is likely to change soon. The Senate is set to vote Tuesday on the GENIUS Act, legislation that would introduce formal regulation for such tokens. Elsewhere, the European Union regulates stablecoins under its Markets in Crypto-Assets Regulation, or MiCA, while the U.K. has also laid out plans to regulate the crypto industry. Britain's Financial Conduct Authority is currently consulting on proposals to require stablecoin issuers to ensure their tokens maintain their value against a given asset. JPMorgan's digital asset chief told CNBC that the bank chose Coinbase as its blockchain partner since the crypto exchange is already a long-standing client and a leader in the crypto space. JPMD has had "preliminary interest from large institutional players who want more native onchain cash solutions from pre-eminent and reputed financial institutions," Mallela added. Speculation had been building around JPMorgan's new crypto offering after a trademark application filed by the bank for "JPMD" was made public Monday. The trademark outlined a broad range of crypto services under the JPMD name, including trading, exchange, transfer and payment services for digital assets. Various crypto media outlets had speculated whether the bank was about to launch its own stablecoin. However, JPMorgan says that, while its token may share some similarities with a stablecoin, it's ultimately a different kind of product.
Bloomberg
17-06-2025
- Business
- Bloomberg
JPMorgan to Pilot Deposit Token JPMD 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.
Mid East Info
21-04-2025
- Business
- Mid East Info
Emirates NBD's strategic collaboration with Kinexys by J.P. Morgan set to enhance cross-border payment security
Emirates NBD a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, announces its strategic decision to join Kinexys Liink, the world's first bank-led peer-to-peer data sharing network, from Kinexys by J.P. Morgan. Through integrating with Kinexys Liink's 'Confirm' Application, designed for the exchange of global account validation information, Emirates NBD aims to enhance cross-border payments security for participants on the Kinexys Liink network. Through the collaboration, Emirates NBD aims to provide participating banks and financial institutions on the network with enhanced security and efficiency and offer benefits to further streamline cross-border payment flows in the United Arab Emirates (UAE). Leveraging the 'Confirm' Application, Emirates NBD, will be able to validate account information for accounts based in the UAE for participants on the 'Confirm' Application. Kinexys Liink is offered by Kinexys by J.P. Morgan – the firm's blockchain business unit focused on groundbreaking innovation to build the next-generation of financial infrastructure utilising blockchain technology. An Application on the Kinexys Liink network, 'Confirm' enables the global validation of bank account information in advance of payment being made. By providing validation services on the 'Confirm' Application Emirate NBD will help network participants ensure that payments are routed correctly, preventing costly delays and reducing the occurrence of payment returns due to incorrect or outdated details. This will also help to control operational costs, improve straight-through processing rates, and help reduce payment delays, which could otherwise take several days to resolve, ensuring payments will reach the intended recipients quickly and efficiently. The collaboration positions Emirates NBD as a regional pioneer in utilising blockchain technology to streamline international payments, strengthening its commitment to innovation and payment security. Anith Daniel, Group Head of Transaction Banking Services, Emirates NBD, commented: 'We are pleased to integrate with 'Confirm' by Kinexys Liink, which positions us at the forefront of payment innovation. By leveraging a blockchain network infrastructure such as the one from Kinexys by J.P. Morgan, we are able to provide real value to banks on the network, ensuring advanced payment security and streamlined operations. As the Kinexys Liink network expands, we are excited about the future opportunities this collaboration will unlock.' Naveen Mallela, Global Co-Head of Kinexys by J.P. Morgan, said: 'We are pleased to welcome Emirates NBD as part of the Kinexys Liink network. We are committed to developing solutions that enhance the speed, security and reliability of global cross-border payments and Emirates NBD's integration with the Kinexys Liink network helps bring these benefits to the region.' About Emirates NBD Bank PJSC: Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 31st December 2024, total assets were AED 997 billion, (equivalent to approx. USD 271 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 848 branches and 4,601 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.87 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
