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JP Morgan Chase & Co.<\/a> could soon create a new blockchain-based digital deposit token, according to reports from Bloomberg<\/em> on Sept. 7<\/a>.<\/p>\n The new token would allow for faster cross-border payments and settlements. In fact, JP Morgan has reportedly built the infrastructure needed to handle transactions for the token, based on statements from anonymous sources familiar with the matter.<\/p>\n JP Morgan has not yet initiated the creation of the token, as this would necessitate approval from U.S. regulators \u2013 a process the company has not started. Bloomberg<\/em> cited statements from a JP Morgan spokesperson indicating that the bank recognizes regulators\u2019 \u201cthoughtful and diligent\u201d approach to approvals.<\/p>\n Nevertheless, JP Morgan could reportedly introduce the token and start offering it to clients within a year of approval from regulators.<\/p>\n It appears that the planned token is similar in some ways to the company\u2019s existing JPM Coin. Based on the reporting, the upcoming deposit tokens represent customer deposits and are moved on blockchain rails. JP Morgan\u2019s website similarly describes<\/a> JPM Coin as representing dollars \u201cheld on deposit\u201d and circulating on the company\u2019s distributed ledger, described elsewhere on the page as a blockchain.<\/p>\n Like JPM Coin, the new token would be restricted to bank use rather than retail use, and it would rely on know-your-customer (KYC) and compliance systems.<\/p>\n However, the planned deposit token would differ from JPM Coin in specific ways. Notably, the new token would allow money to be sent to other banks. It could also be used to settle trades involving tokenized securities and financial instruments. Furthermore, the new deposit token could be offered in a variety of currencies apart from the U.S. dollar \u2014 though JPM Coin itself expanded to support the euro<\/a> this year.<\/p>\n Bloomberg<\/em> cited an earlier statement in which JP Morgan expressed optimism for deposit tokens, stating that believes such assets will become a \u201cwidely used form of money.\u201d One of the company\u2019s 2022 pilot projects<\/a> also involved deposit tokens.<\/p>\n The post JP Morgan considering a new blockchain-based settlement token<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" JP Morgan Chase & Co. could soon create a new blockchain-based digital deposit token, according to reports from Bloomberg on Sept. 7. The new token would allow for faster cross-border payments and settlements. In fact, JP Morgan has reportedly built the infrastructure needed to handle transactions for the token, based on statements from anonymous sources […]<\/p>\n","protected":false},"author":2,"featured_media":151900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-151899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=151899"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151899\/revisions"}],"predecessor-version":[{"id":151902,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151899\/revisions\/151902"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/151900"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=151899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=151899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=151899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Similar to JPM Coin, but different<\/h2>\n