America’s biggest bank by assets, JPMorgan Chase, is exploring a blockchain-based deposit token for cross-border payments and interbank transfers. If approved by regulators, the banking giant may create the digital asset, which would be different from its existing JPM Coin as it could be used to send money to accounts in other banks.
JPMorgan Considers Digital Token for Cross-Border Payments and Settlement
JPMorgan is in the early stages of exploring a blockchain-based digital deposit token, Bloomberg reported quoting a person with knowledge of the matter. The token could be used to speed up cross-border payments and settlement.
According to the source who chose to remain anonymous, most of the underlying infrastructure that would be necessary to run the new means of payment has been developed. However, the token will not be issued without U.S. regulatory approval.
The bank may launch it less than a year after it gets a green light and offer it to corporate clients, the report unvei
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