Major Financial Firms Accelerate Blockchain Adoption Ahead of 2024
Major financial institutions such as JPMorgan and HSBC are increasing their blockchain-related activities ahead of schedule, accelerating the adoption of distributed ledger technology in traditional finance. In November, JPMorgan made its first decentralized finance trade on a public blockchain and introduced programmable payments for its institutional blockchain platform, JPM Coin. JPMorgan Chase and Apollo executives also revealed plans for a tokenized enterprise mainnet. HSBC has also been active, testing tokenized deposits with Ant Group and partnering with Ripple-owned tech firm Metaco to hold tokenized securities on its new custody platform. The growing interest from major financial companies indicates that the potential of DLT is gaining momentum, with some seeing a pathway to re-engineering global financial markets.
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