Overview
- The framework links JPMorgan’s Kinexys Digital Payments with DBS Token Services to enable cross-bank, cross-chain and round-the-clock cross-border settlement.
- Institutional clients would be able to move tokenised bank deposits across different blockchain networks, according to the banks’ emailed announcement.
- A stated example routes a JPMorgan deposit token on Coinbase’s Base to a DBS client, who could either redeem it or keep it on DBS’s platform.
- Both banks already support instant transfers within their own blockchain systems, with the new work focused on connecting those closed networks.
- JPMorgan’s Naveen Mallela said the effort aims to protect the singleness of money and ensure interoperability as the BIS reports roughly one-third of banks exploring tokenised deposit projects.