JPMorgan Chase & Co recently tested a new blockchain platform for issuing financial instruments.
The intention behind this is to streamline initiation, interest rate payments, and other processes.
The bank of Canada also performed the test on a $150 million offering at one year’s floating rate on Yankee’s certificate of deposit.
The platform is developed over a year using Quorum, an open-source blockchain that JPMorgan has developed in-house and is in process of developing a better one.
Other participants of the test included Goldman Sachs Asset Management, the fund management arm of Goldman Sachs Group Inc, Pfizer Inc, and Legg Mason Inc’s, Western Asset and other investors in the certificate of deposit.
JP Morgan’s views regarding cryptocurrency have not been welcoming, but they are surely en-cashing on the technology behind the creation of the first-ever crypto-coin, Bitcoin.
Recently, the financial institution also got stuck in a lawsuit filed against them for charging surprise fees to its customers, for not buying cryptocurrency with credit cards.
International banks and other financial institutions across the world are pouring tons of money in developing blockchain-based platforms, in order to provide security and efficiency to their services.
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