JPMorgan Chase is looking into the use of a blockchain-based digital deposit token as a way of making cross-border payments and settlement faster, according to Blomberg.
In brief:
-The bank has already built most of the infrastructure needed for the project but will not create the actual token unless it gets the go-ahead from US regulators
-JPMorgan has been using a digital token, called JPM Coin, for several years
-The new offering could be used to send money to clients of other banks
What does this mean?
"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."
