JP Morgan, a multinational financial services firm, is exploring the potential of a new type of token that could speed up cross-border payments and settlements. The token, known as a deposit token, would act as a digital version of deposits held in customers’ accounts and could be denominated in dollars and other fiat currencies. The firm is waiting for approval from U.S. regulators before launching the token, which could be available to corporate clients within a year.JP Morgan has been exploring the potential of blockchain technology for some time. In 2022, the bank partnered with the Monetary Authority of Singapore to test the feasibility of applications in asset tokenization. The bank also conducted a study earlier this year that highlighted the potential of deposit tokens, which could become a widely used form of money within the digital asset ecosystem.The deposit token would not function in the same way as JP Morgan’s JPM Coin, which was developed in 2019 to allow corporate clients to move their dollars and euros. The token’s infrastructure would be linked to the bank’s compliance systems. JP Morgan is hopeful that regulators will be thoughtful and diligent before any new product gets developed and used.
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 | Monetary Authority of Singapore, PrimeXBT, JP Morgan, Binance, Project Guardian |
| Currencies | None |
| Securities | None |
