JPMorgan launches blockchain trial project: FT
[NEW YORK] JPMorgan Chase is partnering with start-up Digital Asset Holdings to launch a trial project using blockchain technology that could reduce the cost and complexity of trading, the Financial Times reported on Sunday.
The agreement comes as another sign that blockchain, which is best known as the basis of the digital currency Bitcoin, has wide-ranging applications for some of Wall Street's biggest banks.
One potential use for the technology is addressing liquidity mismatches in some of JPMorgan's loan funds, the Financial Times said. "To sell a loan is a very cumbersome, time-consuming process; settlement can take weeks," Daniel Pinto, head of JPMorgan's investment bank, told the Financial Times. It "makes all the sense in the world" to explore blockchain's potential to improve that process.
Digital Asset Holdings is run by Blythe Masters, JPMorgan's former head of commodities.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Crypto firm sues SEC to fend off oversight of Ethereum
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump