After filing for a blockchain-related trademark earlier this week, one of the worlds largest multinational investment banks, JP Morgan, will reportedly launch its own token.

According to a report from Bloomberg, JP Morgan Chase Co will be launching a pilot for a token called JPMD that will represent dollar deposits at the bank.

The token will be deployed on Base. According to Naveen Mallela, the global co-head of the banks blockchain division called Kinexys, in a transaction expected ot take within days,  JPMorgan will move a fixed amount worth of JPMD from the banks digital wallet to the biggest US crypto exchange, Coinbase.

Moreover:

The token [] will be denominated in dollars. Going forward, Coinbases institutional clients will be able to use the deposit tokens for transactions. The bank plans to run the pilot for several months and later expand to other users and currency denominations, pneding approval from regulators.

This story is developing.