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DBS collaborates with JPMorgan Chase to develop a tokenized deposit interoperability framework
Deep潮 TechFlow News, November 11th, according to The Block, Singapore’s DBS Bank and Kinexys, a subsidiary of JPMorgan Chase, are developing an interoperability framework aimed at enabling tokenized deposit transfers between the two institutions’ blockchain ecosystems. This framework will allow clients to conduct real-time, 24/7 transactions across public and permissioned blockchain networks, breaking down traditional barriers caused by limited interoperability and security risks.
Reportedly, clients using JPM’s deposit tokens built on Ethereum Layer 2 Base will be able to interact with DBS’s token services running on permissioned blockchain. This collaboration is part of the global trend of financial institution tokenization, with recent announcements from BNY Mellon and major UK banks including Barclays, Lloyds, and HSBC launching similar projects.
According to the BIS 2024 report, nearly one-third of surveyed jurisdictions’ commercial banks have launched, piloted, or researched tokenized deposits.