JP Morgan Chase & Co. could soon create a new blockchain-based digital deposit token, according to reports from Bloomberg. The new token would allow for faster cross-border payments and settlements, and could be offered in a variety of currencies apart from the U.S. dollar. It would be restricted to bank use rather than retail use, and would rely on know-your-customer (KYC) and compliance systems. It would also allow money to be sent to other banks, and could be used to settle trades involving tokenized securities and financial instruments. JP Morgan has not yet initiated the creation of the token, as this would necessitate approval from U.S. regulators. However, the bank has reportedly built the infrastructure needed to handle transactions for the token, and could introduce it and start offering it to clients within a year of approval from regulators. JP Morgan has expressed optimism for deposit tokens, and is currently running a pilot project involving them.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 10 |
| People | None |
| Companies | JP Morgan Chase & Co., KYC, JP Morgan, Bloomberg, U.S. regulators |
| Currencies | Ethereum, Euro, Bitcoin, US Dollar |
| Securities | None |
