Major financial firms such as JPMorgan and HSBC are increasing their involvement in blockchain technology, signaling a growing acceptance of distributed ledger technology (DLT) in traditional finance. In November, both JPMorgan and HSBC made significant moves in the blockchain space.
JPMorgan executed its first decentralized finance (DeFi) trade on a public blockchain on November 3, demonstrating its commitment to exploring the potential of blockchain technology. The company also introduced programmable payments for its institutional blockchain platform, JPM Coin, on November 10. Additionally, JPMorgan Chase and Apollo announced plans for a tokenized enterprise mainnet on November 28.
HSBC, on the other hand, partnered with financial services provider Ant Group to test tokenized deposits under a sandbox arrangement by the Hong Kong Monetary Authority. This move highlights HSBC’s interest in exploring the benefits of blockchain technology. Furthermore, HSBC collaborated with Ripple-owned tech firm Metaco to hold tokenized securities on its new custody platform.
The growing interest from major financial institutions indicates a shift in perception towards DLT. Sandy Kaul, an executive at asset manager Franklin Templeton, stated that the adoption of blockchain technology is accelerating rapidly. This suggests that the global financial markets are on a pathway to being re-engineered.
While some companies are making significant strides in blockchain adoption, others are taking a more cautious approach. MoneyGram CEO Alex Holmes mentioned in an interview that only a small number of their employees are dedicated to blockchain efforts. This approach is in line with the company’s revenue and profitability expectations.
Overall, the increased involvement of major financial firms like JPMorgan and HSBC in blockchain technology signifies a growing acceptance and recognition of the potential benefits of DLT in traditional finance.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇺🇸 🇭🇰 🇨🇳 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Alex Holmes, Sandy Kaul |
| Companies | Hong Kong Monetary Authority, JPMorgan, Ant Group, Metaco, HSBC |
| Currencies | Bitcoin, USDJPM |
| Securities | None |
