Singapore central bank and JP Morgan develop multi-currency blockchain prototype

Monetary Authority of Singapore says latest phase of its technology project will improve cost efficiencies

Singapore’s central bank is teaming up with JPMorgan and state investment firm Temasek to create a blockchain prototype that enables payments to be made in different currencies on the same network.

According to The Business Times, the Monetary Authority of Singapore (MAS) said it expects the multi-currency payments network to improve cost efficiencies for businesses.

The prototype should also provide interfaces for other blockchain networks to connect and integrate seamlessly. It will also offer features such as delivery-versus-payment settlement with private exchanges, conditional payments and escrow for trade, as well as payment commitments for trade finance.

It is currently undergoing industry testing to determine its ability to integrate with commercial blockchain applications.

What is your sentiment on ETH/BTC?

0.05757
Bullish
or
Bearish
Vote to see community's results!

The prototype is the latest milestone for Project Ubin, a joint venture by MAS with the financial industry. Now in its fifth phase it has so far focused on applications such as using blockchain for clearing and settling payments and securities.

MAS and its partners have engaged more than 40 financial and non-financial companies to explore potential benefits of the network.

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image