DBS and JPMorgan Chase Developing Framework for Cross-Blockchain Tokenized Deposits

By Daily Hodl Staff

DBS Bank and JPMorgan Chase’s blockchain department Kinexys are developing a framework to support tokenized deposits utilizing multiple blockchains.

This initiative aims to enable seamless exchanges between DBS Token Services and Kinexys Digital Payments, spanning public and permissioned networks.

The platform would allow institutional clients from both banks to conduct cross-border payments with 24/7 real-time settlement.

For instance, a J.P. Morgan client could pay a DBS client using J.P. Morgan Deposit Tokens on the Base blockchain, with the recipient redeeming equivalent value through DBS.

The process would be designed to uphold the singleness of money, ensuring tokenised deposits remain fungible across issuers and chains.

So far, the banks have not released any target dates for launch or schedules related to the development of the interoperability framework.

Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney