Banking giant JPMorgan Chase & Co. is exploring a blockchain-based digital payment and settlement system, according to Bloomberg News.
JPMorgan developed much of the infrastructure for the project, which requires a digital deposit token, but can't move ahead with system before getting the go-ahead from U.S. regulators, Bloomberg reported, citing a person familiar with the matter. After obtaining approval, the firm could launch the project for corporate clients within a year.
The proposed digital token payment and settlement system could hasten transaction speed while lowering costs, with the deposit token representing a digital version of a customer's deposits. It could be used to send funds to users of a different bank or settle tokenized securities.
The U.S. bank has collaborated with the Monetary Authority of Singapore to test a deposit token payment system last year.
"JPMorgan continues to develop blockchain-based solutions for financial services and sees deposits accessible on the public blockchain as the next step in the evolution of digitized commercial bank money," Umar Farooq, CEO of JPMorgan's web3 arm Onyx, said in a 2022 statement.
The firm launched its own cryptocurrency called JPMorgan Coin in 2019, The Block previously reported.
source:theblock
Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
For some newcomers to the currency circle, they are not familiar with the investment in the currency circle, and their understanding of the special currency is not very deep. Therefore, they may be at a loss in the choice of investment methods. Many inves
Lummis is a well-known crypto advocate on Capitol Hill with over $100,000 in crypto.
Several analysts argue that shrimp accumulation is good for the Bitcoin network because it makes the asset more decentralized over time.
ARK Invest filed for a spot Bitcoin ETF in collaboration with 21Shares long before BlackRock did, and its application is reportedly first in line for the SEC’s approval.
Interestingly, the price surge was on the back of increased activity from whales, as indicated by on-chain data. The increased activity led to an increased"/>
Recent market dynamics have seen Solana struggling to break above the $200 mark. A notable bearish factor among these market fundamentals is the recent"/>
DOGE, the internet's favorite memecoin, is back in the spotlight. Recent data reveals a surge in futures market activity, coupled with bullish technical"/>
The recent stratospheric rise of Bitcoin, reaching a new all-time high of $73,000, has sent ripples of excitement and trepidation through the crypto world."/>
Co-founder of Tornado Cash Roman Storm has filed a motion to dismiss the charges levied against him by the US Department of Justice (DOJ)."/>
On Thursday, March 28, a hack occurred on Prisma Finance, a decentralized lending protocol on the Ethereum network. The exploiter carted away about 3,257.7"/>
Once fully licensed in Dubai, Bybit plans to run a full-scope exchange, offering crypto lending, payments, investment and other services.
Tue, 18 Apr 2023