JPMorgan is experimenting with a blockchain-based deposit token to hasten transaction speed and lower costs, Bloomberg reports.
Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Banking giant JPMorgan Chase & Co. is exploring a blockchain-based digital payment and settlement system, according to Bloomberg News.
JPMorgan developed much of the infrastructure for the project, which requires a digital deposit token, but can't move ahead with system before getting the go-ahead from U.S. regulators, Bloombergciting a person familiar with the matter. After obtaining approval, the firm could launch the project for corporate clients within a year.
The proposed digital token payment and settlement system could hasten transaction speed while lowering costs, with the deposit token representing a digital version of a customer's deposits. It could be used to send funds to users of a different bank or settle tokenized securities.
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