– JPMorgan Chase is exploring a blockchain-based digital payment and settlement system.
– The project requires a digital deposit token and approval from US regulators.
– If approved, the system could be launched for corporate clients within a year.
– The proposed system could improve transaction speed and lower costs.
– JPMorgan has previously collaborated with the Monetary Authority of Singapore for a deposit token payment system.
– The firm launched its own cryptocurrency called JPMorgan Coin in 2019.
JPMorgan Chase is reportedly exploring the development of a blockchain-based digital payment and settlement system. The bank has developed much of the infrastructure for the project, which would require a digital deposit token. However, before proceeding, the bank needs approval from U.S. regulators. If approved, the system could be launched for corporate clients within a year. This proposed system aims to increase transaction speed and reduce costs, with the deposit token representing a digital version of a customer’s deposits. The token could be used for sending funds to users of other banks or settling tokenized securities. JPMorgan previously collaborated with the Monetary Authority of Singapore to test a deposit token payment system. The bank also launched its own cryptocurrency, JPMorgan Coin, in 2019.
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