Unchained Why JPMorgan and Shopify Are Rolling Out New Products on Ethereum Layer 2 Base - Ep. 855
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Jun 20, 2025 Jesse Pollak, Head of Base and Coinbase Wallet, shares insights on JPMorgan's groundbreaking launch of the JPMD deposit token for institutional clients on the Base platform. The discussion highlights why major players like JPMorgan and Shopify are moving to blockchain, the distinctions between deposit tokens and stablecoins, and how the infrastructure is finally poised for institutional adoption. Jesse also touches on the impressive scaling of Base and Coinbase's plans to enhance user access to on-chain assets, addressing skepticism around Ethereum's role in this transformation.
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JPMD as Improved Ledger Token
- JPMorgan's USD deposit token JPMD represents internal ledger entries for institutional customers, enabling more efficient blockchain-based balance management.
- Base's platform reduces complex off-chain processes into simpler smart contracts, boosting bank efficiency and global availability.
Blockchain Infrastructure Now Ready
- Blockchain infrastructure was not ready in 2015 but now supports fast, cheap, usable blockchains like Base.
- The technology maturity enables real enterprise adoption to solve complex business problems efficiently on-chain.
Shopify's On-Chain Commerce Stack
- Shopify rebuilds commerce stack on Base using smart contracts tailored for payments, inventory, and tax.
- This reduces millions of lines of off-chain code to hundreds of on-chain ones, increasing efficiency and global reach.