JPMorgan quietly tests blockchain tech for dollar transfers

FinTech | February 23, 2016 By:

J.P. Morgan Chase & Co. is quietly testing the blockchain technolgy on U.S. dollar transfers between London and Tokyo, part of an effort to boost its spending to deal with emerging threats from Silicon Valleyo, The Wall Street Journal reported.

J.P. Morgan’s head of corporate and investment bank Daniel Pinto told the Journal that the bank has been testing the program in recent months to move U.S. dollars for about 2,200 clients between the two financial centers using a version of the blockchain technology.

“J.P. Morgan wants to see whether the blockchain technology can be repurposed for currency clearing and settlement to give clients faster turnaround times and reduce the bank’s risk. The bank may start using blockchain for live transactions later this year,” the report said.

JPMorgan Chase & Co. is an American multinational banking and financial services holding company headquartered in New York City.