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JPMorgan To Use A Blockchain-Based Deposit Token For Payments
09/08/2023

JPMorgan To Use A Blockchain-Based Deposit Token For Payments

09/08/2023
4,5

JPMorgan is in the early stages of creating a blockchain-based deposit token to ease cross-border payments.

JPMorgan, the largest US bank, continues to dive deeper into the crypto space, exploring the creation of a blockchain-based infrastructure for international payments. The bank will launch a new product as soon as it receives approval from regulators.

The financial giant has so far developed most of the platform, which will initially be available to corporate clients. The new blockchain-based product will be used to represent a deposit position. It will differ from the existing JPM Coin, which also allows corporate clients to transfer funds through a financial institution.

The deposit token as well as JPM Coin requires compliance requirements such as KYC. Last year, the bank tested the deposit token in a settlement with the Monetary Authority of Singapore under Project Guardian.

JPMorgan noted the convenience of the blockchain-based deposit token and hoped that the regulator would approve the new product as soon as possible. According to the bank, deposit tokens can provide greater stability over the stablecoins.


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