Key takeaways
- DBS and JPMorgan have collaborated on a framework that enables interoperability of token deposits.
- The collaboration aims to perform real-time interbank transfers of token deposits across multiple blockchains.
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DBS, Singapore’s largest retail and commercial bank, has partnered with JPMorgan’s Kinexys to develop an interoperability framework for deposit tokens, blockchain-based digital representations of bank deposits that facilitate instant settlements.
The collaboration with JPMorgan’s Kinexys division aims to create a framework that enables real-time inter-bank token deposit transfers across multiple blockchains.
Last month, DBS and Goldman Sachs implemented the first-ever interbank cryptocurrency options trading, including over-the-counter cash settlement options for Bitcoin and Ether. The move represents a major step in integrating traditional finance with the cryptocurrency ecosystem and reflects the growing confidence in cryptocurrency derivatives among major financial institutions for hedging and risk management.
