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 familiar with the matter.
JP Morgan has not yet initiated the creation of the token, as this would necessitate approval from U.S. regulators – a process the company has not started. Bloomberg cited statements from a JP Morgan spokesperson indicating that the bank recognizes regulators’ “thoughtful and diligent” approach to approvals.
Nevertheless, JP Morgan could reportedly introduce the token and start offering it to clients within a year of approval from regulators.
Similar to JPM Coin, but different
It appears that the planned token is similar in some ways to the company’s existing JPM Coin. Based on the reporting, the
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