JPMorgan Testing Blockchain Transfers With Over 2,000 Clients

JPMorgan has reportedly been moving money between London and Tokyo as part of a trial using blockchain technology.

AccessTimeIconFeb 23, 2016 at 3:27 p.m. UTC
Updated Sep 11, 2021 at 12:08 p.m. UTC

JPMorgan has reportedly been moving money between London and Tokyo as part of a trial that incorporates blockchain technology.

According to The Wall Street Journal, the tests involve about 2,200 of the bank’s clients. Daniel Pinto, CEO of the firm’s corporate and investment banking unit, told the news outlet that the test is a prelude to using the technology to move real funds internationally using a blockchain.

More details, the report indicated, will be offered during an investor event today in New York.

The bank has been testing the technology in collaboration with New York blockchain startup Digital Asset Holdings, which is run by ex-JPMorgan executive Blythe Masters. It was one of a group of investors, primarily from the mainstream finance world, to contribute to Digital Asset's $60m funding round.

JPMorgan also plans to announce that it will boost spending on cybersecurity and investment in financial technology.

Image via Shutterstock


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC