In February, JPMorgan Chase (JPM) announced that it was launching JPM Coin, a digital currency that would be used to settle transactions between clients of the bank. The move was seen as a direct challenge to cryptocurrencies like Bitcoin, which have been trying to establish themselves as a viable alternative to traditional fiat currencies.

While JPM Coin is not based on the blockchain technology that underlies Bitcoin and other cryptocurrencies, it does use a similar distributed ledger system. However, unlike Bitcoin, which is open-source and decentralized, JPM Coin is a permissioned blockchain, meaning that only authorized participants can access and use it.

JPMorgan is not the only bank to launch its own digital currency. In October, HSBC announced the launch of HSBCnet FX Plus, a platform that allows clients to settle foreign exchange trades using HSBC’s own digital currency.

And in December, UBS announced plans to launch a digital currency called “Utility Settlement Coin” that would be used to settle trades in securities and other assets.

So far, there is no word on whether or not JPM Coin will be made available on Ethereum or any other blockchain platform. However, given JPMorgan’s history of working with Ethereum (the bank is a member of the Enterprise Ethereum Alliance), it’s not out of the question that JPM Coin could eventually make its way onto the Ethereum network.