JPMorgan Exploring Blockchain-Based Deposit Token for Payment
JPMorgan Chase is developing a blockchain-based digital deposit token to speed up cross-border payments. According to a source familiar with the matter, the US’s biggest bank by assets has developed most of the initial infrastructure needed to run the new form of payment. However, they’ll have to wait for US regulators to approve. JUST IN: JPMorgan Chase is developing a blockchain -based digital deposit token to speed up cross-border payments. — Watcher.Guru (@WatcherGuru) September 7, 2023 The anonymous source adds that the bank may launch the token for use by corporate clients less than a year after any approval. For context, a Deposit token is a transferable digital coin that represents a deposit claim against a commercial bank. Because transactions with these coins are on a digital blockchain, they are processed and settled instantly. “Deposit tokens bring plenty of potential benefits, but we also appreciate that regulators would want to be thou...