We aim to move beyond the limitations of legacy technology and realize the promise of a multichain world," Umar Farooq, co-head of JP Morgan Payments said in a statement. "Our goal is to foster a more connected ecosystem to break down disparate systems, enable greater interoperability and reduce the limitations of today's financial infrastructure.
JPMorgan's blockchain business has executed over $1.5 trillion of transactions such as intraday repos and cross-border payments since its inception in 2020, processing an average of more than $2 billion a day, according to the bank.
The bank will introduce on-chain foreign exchange capabilities as early as first-quarter 2025, paving the way for the "automation of 24/7, near real-time multicurrency clearing and settlement."
With growing transaction volumes, client adoption and product expansion, we're poised to accelerate the adoption of blockchain technology and tokenization in Finance.
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