Giant banking institution JPMorgan is researching blockchain-based payment systems. It has been reported that the banking giant aims to make transactions faster and cheaper through blockchain efforts.JPMorgan is known for staying close to digital assets and blockchain technology. The giant bank’s plans include the integration of the traditional financial system with blockchain.
Banking giant JPMorgan continues its research on blockchain-based payment and reconciliation system. In a report by Bloomberg, it was stated that JPMorgan focuses on transaction speed and low cost in blockchain initiatives.
As a result of these initiatives, JPMorgan aims to develop a digital deposit token. Most of the infrastructure required for the project has been developed.
Noting that US regulators are heavily dominating the industry, the news stated that JPMorgan would have to record all its work with approval.
The digital token payment and settlement system will be processed through the deposit token, which represents the digital version of deposits.
The bank collaborated with the Monetary Authority of Singapore to test its deposit token payment system last year.
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