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.
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.
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