Odaily News People familiar with the matter revealed that JPMorgan Chase is in the early stages of exploring a blockchain-based digital deposit token to speed up cross-border payments and settlements. JPMorgan developed most of the infrastructure for the project, but also required a digital deposit token, which requires approval from U.S. regulators to create. Once approved, JPMorgan could roll out the product to corporate clients within a year. The digital token payment and settlement system is said to speed up transactions while reducing costs. Deposit tokens are digital versions of customer deposits that can be used to transfer funds to users at another bank or settle tokenized securities. The bank, which already piloted the issuance of deposit tokens in a single transaction last year as part of MAS’ “Project Guardian,” highlighted the potential of this form of currency in a recent study. (Bloomberg)