JPMorgan Explores Digital Deposit Tokens for Faster Cross-Border Payments

• JPMorgan explores blockchain-based deposit tokens for cross-border payments.
• The bank won’t create the token unless it’s approved by US regulators.
• JPMorgan may launch the token for use by corporate clients less than a year after receiving regulatory approval.

JPMorgan Chase, the American multinational bank, is reported to be in the early stages of exploring a blockchain-based digital deposit token. A person familiar with the work stated that the bank won’t create the token unless the project is approved by US regulators.

JP Morgan is the world’s largest bank by market capitalization as of 2023. The digital deposit token would be used for speeding up cross-border payments and settlement; most of the infrastructure needed to run this new form of payment has been developed, according to Bloomberg. 

The person who shared the news with Bloomberg asked not to be named as the matter is private. Moreover, he stated that the bank may launch the product for use by corporate clients less than a year after receiving the green light from regulators.

A JPMorgan spokesperson said, “We appreciate that regulators would want to be thoughtful and diligent before …

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