JPMorgan Seeks Faster Settlement Times in Blockchain Trials
In spite of massive investment in financial technology, JPMorgan Chase still has a long way to go to meet its blockchain objectives. Abhijit Gupta, multinational bank’s head of science and technology in the Asia Pacific, told Chinese news service Sina that he was concerned about the improvements in the technology, “especially speed,” according to a translation of the article. Gupta added: "Over the past year and a half, the processing time of our system [improved by] 10 times, but in fact we need to achieve is 1,000 times. " The details come months after the bank first began....
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JPMorgan Chase has teamed up with Digital Asset Holdings on a trial blockchain initiative that aims to make the trading process more efficient and cost effective. As reported in the FT, several uses of the technology are to be examined, including addressing liquidity mismatches in loan funds. These funds give investors quick access to money, although the underlying assets often take far longer to sell due to a complex manual process that must deal with multiple parties. “To sell a loan is a very cumbersome, time-consuming process; settlement can take weeks,” Daniel Pinto, CEO at JPMorgan's....
The pilot involved the settlement on a private blockchain of around €2 million.
Banking giant JPMorgan Chase has begun the trial of a blockchain project that may prove to be a landmark endeavor in bringing cost-cutting and easier trading to the banking industry. The blockchain project is facilitated by the bank’s collaboration with blockchain-startup Digital Asset Holdings (DAH). The largest bank in the United States by assets – JPMorgan Chase has begun a trial project that utilizes blockchain technology, in collaboration with New York-based blockchain startup Digital Asset. The two companies are looking to introduce distributed ledger or blockchain technology to the....
Wall Street has become more accepting of cryptocurrencies and the blockchain in recent months. One of America’s biggest bank, JPMorgan has joined hands with Singapore’s Tamasek Holdings and DBS Group in a move to overhaul the blockchain-based foreign exchange and trade settlement for cross-border payments. JPMorgan has announced the launch of a new company Partior […]
Digital Asset Holdings, the startup led by ex-JPMorgan exec Blythe Masters, is apparently having issues closing an inaugural investment round. Blythe's previous employer JPMorgan Chase & Co has already committed about $7.5m to the undisclosed round, but Digital Asset has been struggling for some time to complete the deal with other investors, according to The New York Times. Allegedly, major banks including Goldman Sachs and Citigroup have been reluctant to commit to the deal as JP Morgan was "being given better terms than other investors", according to Times sources. More seriously,....