JPMorgan Chase & Co. is exploring a blockchain-based digital deposit token so that it can hasten cross-border payments, a move that pushes the institutional adoption of blockchain technology.
According to a person familiar with the work who asked not to be identified, America’s largest bank by assets has already developed the majority of the underlying infrastructure for the new payment vehicle to work. It is just waiting on final approval from U.S. regulators before actually creating the token. But the source said that once JPMorgan gets the approval, it will likely launch the product for use by corporate clients within a year.
“Deposit tokens bring plenty of potential benefits, but we also appreciate that regulators would want to be thoughtful and diligent before any new product gets developed and used,” the bank’s spokesperson said in a statement. “Should that appetite develop, our blockchain infrastructure would be able to support the launch […]
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