Token

JUST

<div class="watcher-guru"> 
 <p>JPMorgan Chase is developing a blockchain-based digital deposit token to speed up cross-border payments. According to a source familiar with the matter, the US’s biggest bank by assets has developed most of the initial infrastructure needed to run the new form of payment. However, they’ll have to wait for US regulators to approve.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">JUST IN: <a rel="noopener noreferrer nofollow" title="JPMorgan" href="https://thebittimes.com/tag/jpmorgan.html">JPMorgan</a> Chase is developing a <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a>-based digital deposit token to speed up cross-border payments.</p>— Watcher.Guru (@WatcherGuru) September 7, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>The anonymous source adds that the bank may launch the token for use by corporate clients less than a year after any approval. For context, a Deposit token is a transferable digital coin that represents a deposit claim against a commercial bank. Because transactions with these coins are on a digital blockchain, they are processed and settled instantly.</p> 
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828227"></div> 
  </div> 
 </div> 
 <p>“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,” a JPMorgan spokesperson said in a statement. “Should that appetite develop, our blockchain infrastructure would be able to support the launch of deposit tokens relatively quickly.”</p> 
 <figure class="wp-block-image size-large"> 
  <img decoding="async" width="1024" height="683" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="JPMorgan Chase is developing a blockchain-based digital deposit token to speed up cross-border payments, according to sources." class="wp-image-36385 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp.webp 300w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp.webp 768w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp.webp 1536w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp.webp 380w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp.webp 550w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp.webp 800w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp.webp 1920w" data-srcset-img="https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 1024w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 300w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 768w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 1536w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 380w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 550w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 800w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 1160w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 1920w" data-eio="j"> 
  <noscript> 
   <img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp" alt="JPMorgan Chase is developing a blockchain-based digital deposit token to speed up cross-border payments, according to sources." class="wp-image-36385" srcset="https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 1024w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 300w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 768w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 1536w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 380w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 550w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 800w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 1160w, https://cdn.thebittimes.com/images/2023/09/08/aa87a8754bba0b3e587c085ae535d425.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  </noscript> 
  <figcaption class="wp-element-caption">
    Source: JPMorgan 
  </figcaption> 
 </figure> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p>Wall Street has looked to implement crypto as an underlying feature of payments and transactions for some time now. With <a rel="noopener noreferrer nofollow" title="JPMorgan" href="https://thebittimes.com/tag/jpmorgan.html">JPMorgan</a> looking to develop this <a rel="noopener noreferrer nofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> deposit token, other big banks may look to follow suit in the coming months. The bank has been at the forefront of these efforts to add more technology to banking. </p> 
 <p><strong>Also Read: No Escaping Inflation Without Recession: <a rel="noopener noreferrer nofollow" title="JPMorgan" href="https://thebittimes.com/tag/jpmorgan.html">JPMorgan</a> Strategist</strong></p> 
 <p>Currently, the bank runs a system called JPM Coin. The coin was announced back in 2019. It allows some JPMorgan corporate clients to move dollars and euros from their various accounts within the bank. Since launch, the system has processed some $300 billion in transactions, the bank said this summer.</p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add"> 
   <div data-fuse="22560828233"></div> 
  </div> 
 </div> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>blockchain</li> 
  <li>JPMorgan</li> 
 </ul> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jpmorgan-exploring-blockchain-based-deposit-token-for-payment-tbt61960.html">https://thebittimes.com/jpmorgan-exploring-blockchain-based-deposit-token-for-payment-tbt61960.html</a></p>

JPMorgan Exploring Blockchain-Based Deposit Token for Payment

TheBitTimes

Other articles published on Sep 7, 2023

Russia: Illegal Crypto Miner ‘Stole $225,000 From Grid’

Institutions are coming to crypto - retail investors beware

Shibarium Hits Over 1 Million Transactions, But SHIB Price Remains Stuck

Axident's NFTs Turn Justin Bieber's 'Company' Into a Royalty Investment, 350 Minted in 2 Minutes

Ripple Joins Elon Musk's SpaceX Partner In XRP Project

Decentralized Exchange Brine Fi Raises $16.5 Million Led by Pantera Capital

Join our free newsletter for daily crypto updates!