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Large financial companies, including JPMorgan Chase &amp; Co., HSBC Holdings Plc, and Franklin Templeton, are moving to new systems built on the blockchain. 
Sandy Kaul, Chief Executive of wealth management firm Franklin Templeton, recently highlighted the transformative impact of blockchain technology on the global financial system, marking its most significant overhaul since the 1970s. 
This development, according to Kaul in an interview with Bloomberg, has opened the path for reengineering the financial markets on a global scale. 
Representatives from financial institutions are also noting a surge in the adoption of decentralized technologies, with Kaul emphasizing the rapid acceleration in technology adoption. 
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 “For the first time, you can see the pathway to us reengineering the global financial markets ecosystem.” <cite>Sandy Kaul, chief executive of Franklin Templeton</cite>
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The Wall Street giant’s latest blockchain initiative include JPMorgan’s first decentralized finance deal on a public blockchain and the introduction of <a href="https://crypto.news/jpmorgan-announces-launch-of-programmable-payments/">programmable payments</a> for its institutional blockchain platform, <a href="https://crypto.news/jpmorgans-digital-token-jpm-coin-eyes-10b-daily-transactions/">JPM Coin</a>. 
Additionally, HSBC and financial services provider Ant Group verified tokenized deposits in a sandbox by the Monetary Authority. HSBC <a href="https://crypto.news/hsbc-taps-metaco-for-tokenized-securities-platform/">partnered</a> with Metaco, a Ripple-owned technology firm, to store tokenized securities on its new custodial platform. 
Interest in blockchain has renewed vigor amid numerous applications for <a href="https://crypto.news/will-bitcoin-etfs-follow-gold-etfs-path-to-success/">spot Bitcoin ETFs</a>. In June, eight of the largest financial institutions in the United States began working to provide customers with access to Bitcoin and other cryptocurrencies. Their assets under management value was $27 trillion at that time. 
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 1/ last week's <a href="https://twitter.com/BlackRock?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@BlackRock</a> spot Bitcoin ETF filing was big news! but, it's not the only story. many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more. a quick glance – $27 trillion of client assets here! <a href="https://t.co/azmHZmUL2a" target="_blank">pic.twitter.com/azmHZmUL2a</a>— Meltem Demirors (@Melt_Dem) <a href="https://twitter.com/Melt_Dem/status/1673362112653975554?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 26, 2023</a>
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However, the Bank of England <a href="https://crypto.news/tokenizing-assets-on-blockchain-may-elevate-systemic-risks-warns-bank-of-england/">believes</a> that increased asset <a href="https://crypto.news/the-future-of-ownership-belongs-to-asset-tokenization-opinion/">tokenization</a> could increase threats to financial stability. Thus, the cryptocurrency boom may increase the interconnectedness of cryptocurrency and traditional markets. According to the Bank, “international coordination can reduce the risks of cross-border spillovers, regulatory arbitrage, and market fragmentation.” 
 Read more: <a href="https://crypto.news/coinbase-sees-tokenization-as-important-part-of-crypto-market-in-next-2-years/"> Coinbase sees tokenization as important part of crypto market in next 2 years </a>

Wall Street insiders hopeful about new banking infrastructure built on blockchain

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