JPMorgan Chase and Digital Asset Launch Experimental Blockchain Project
According to the Financial Times, America’s biggest bank in assets, JP Morgan Chase, partnered with New York-based startup Digital Asset Holdings launched an experimentap project to implement blockchain technology in banking.
The blockchain technology becomes increasingly popular these days. More and more banks and financial instiututions recognize its advantages. The partners are in the process of researching several applications of the technology aimed at solving the issues with liquidity mismatching in the bank’s loan funds.
Daniel Pinto, head of JPMorgan’s investment bank said in the interview to the Financial Times:
“To sell a loan is a very cumbersome, time-consuming process; settlement can take weeks. Exploring alternatives through blockchain makes all the sense in the world; it’s easier and faster operationally, and you get fewer mistakes.”
This January, Digital Asset announced it closes a new investment round, which had brought it another $52 million.
Notably, Blythe Masters, founder of Digital Asset, has been previously working at JPMorgan Chase as one of its top managers.
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