JPMorgan Chase & Co., one of the most well-established financial institutions in the world, is reportedly developing a new blockchain-powered deposit token for cross-border transactions and settlements. Bloomberg first reported the exploration on August 8. With this move, the banking giant aims to accelerate cross-border settlement processes. The new deposit token will target enterprise clients at the beginning. JPMorgan previously introduced the JPM Coin as a solution for instantaneous transactions between the bank’s customers. The deposit token, on the other hand, has similar functionality as stablecoin and central bank digital…
Read MoreCan JPMorgan’s New Token Compete with XRP?
