JPMorgan will launch tokenized deposits in euros

The holding company is also in talks with several NFT platforms to implement the option to accept fiat payments

19.10.2022 - 06:45

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What’s new? JPMorgan, a financial holding company, which previously launched tokenized deposits in US dollars, plans to launch a corresponding tool in euros. Ledger Insights reports with reference to the statements of Basek Toprak, head of division at Coin Systems.

News on the Ledger Insights website

What other statements have been made? Another opportunity that the holding company considers is non-fungible tokens (NFTs). However, according to a JPMorgan spokesperson, “the technology today is not friendly enough for mass adoption.” Users need to take a series of actions to buy, and they have to be careful not to lose the seed phrase and fall for scammers.

JPMorgan is currently in talks with a number of music NFT platforms to implement the option to accept fiat payments. Toprak emphasized that tokenized money on the blockchain is an effective payment vehicle because it provides a record of value and allows for the movement of money and programmability. Blockchain helps avoid reconciliations because both parties of the transaction have access to the shared ledger.

Earlier, JPMorgan and Visa launched a joint effort to streamline cross-border payments using their private blockchains, Liink and B2B Connect. The main goal of the joint project is to reduce the number of failed payments related to incorrect account information. Deutsche Bank already joined the ranks of the project’s founders.

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