Summary
- JPMorgan and DBS Bank said they will cooperate to build a blockchain-based tokenized deposit payment framework.
- They said they are developing an interoperability system that connects Kinexys and Token Services.
- They said this system will enable institutional clients to make real-time deposit token transfers between public and private blockchains.
The world's largest investment bank JPMorgan and Singapore's DBS Bank are undertaking the construction of a blockchain-based cross-border tokenized deposit payment framework.
On the 11th (local time), according to CoinDesk, the two are developing an interoperability system that connects JPMorgan's blockchain payments project 'Kinexys' and DBS's 'Token Services'. The purpose is to enable institutional clients to perform real-time deposit token transfers between public and private blockchains.
Naveen Mallela, global co-head of JPMorgan's Kinexys, said, "The collaboration with DBS is an example of financial institutions enhancing the benefits of deposit tokens while ensuring currency uniformity and interoperability across markets."
Uk Jin
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