The best regulated crypto exchange
Find out why?
50 BTC prize pool!
Get your share!
I'm in

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

By Ramla Soni

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.

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.

Like to share your thoughts and ideas about crypto and trading? You could join us as an external author. Email us on [email protected] to find out how you could become a contributor.
Subscribe to news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image