JPMorgan is betting on the Ethereum blockchain. And they’re making history in the process.
What’s happening:
- JPMorgan (NYSE: JPM) has launched a new money market fund known as MONY on the Ethereum blockchain
By the numbers:
- JPMorgan has seeded the new money market fund with an initial investment of $100M USD
- The minimum investment for private investors to participate in the MONY tokenized money market fund is $1M USD
Why it matters:
- This is the first time ever that JPMorgan has launched a money market fund on public blockchain
Going deeper:
- JPMorgan has also enabled individuals and institutions to be able to fund their investment into MONY through either cash or USDC
