JPMorgan Chase & Co, the largest bank in the US, is developing a new type of digital currency that can accelerate settlements and international payments, according to a source close to the subject.
A New Digital Deposit Token
The source, who wished to stay anonymous as the project is in its early stages, stated that the bank is investigating using a blockchain-based deposit token. The token would act as a transferable digital currency, representing a deposit claim against it. The source also added that while the infrastructure for the new payment system is in place, it will wait for approval from regulators before developing the token. If regulators grant approval, JPMorgan could launch the product for its corporate clients within a year of regulatory clearance.
“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. Should that appetite develop, our blo
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