Singapore's largest bank DBS, JPMorgan team up to enable real-time tokenised transfers across chains
Key Takeaways
- DBS and JPMorgan have collaborated on a framework enabling interoperability for tokenized deposits.
- The collaboration aims for real-time interbank transfers of tokenized deposits across multiple blockchains.
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DBS, Singapore’s largest retail and commercial bank, has partnered with Kinexys by JPMorgan to develop an interoperability framework for tokenized deposits, which are blockchain-based digital representations of bank deposits that facilitate instant settlements.
The collaboration with JPMorgan’s Kinexys division aims to create a framework enabling real-time interbank tokenized deposit transfers across multiple blockchains.
Last month, DBS and Goldman Sachs executed the first-ever crypto options trade between banks, involving cash-settled over-the-counter options for Bitcoin and Ether. The move marked a major step in integrating traditional finance with the crypto ecosystem and reflects growing confidence in crypto derivatives among major financial institutions for hedging and risk management.
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