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ARTICLE · 22 FEBRUARY 2019

BlockChain Payment Systems Announced By Major Banks And Online Payment Processors

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This week it was reported that the largest bank in the U.S. is planning to launch its own blockchain-based cryptocurrency token. According to reports, the token was created by the bank's in-house

United StatesTechnology
Robert A. Musiala Jr.
Robert A. Musiala Jr.
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This week it was reported that the largest bank in the U.S. is planning to launch its own blockchain-based cryptocurrency token. According to reports, the token was created by the bank's in-house engineers and will be used to improve the settlement speed of transactions between the bank's corporate clients, replacing the need for wire transfers. According to Bloomberg, it appears the proposed cryptocurrency would have a value pegged 1:1 with the U.S. dollar and would be transferred on the bank's private blockchain. Also this week, the largest bank in Japan announced that it is partnering with a U.S. fintech firm to build its own blockchain-based payments network, with the goal of launching in 2020. In related news, a major Japanese technology firm confirmed this week that it plans to launch a stablecoin backed 1:1 with Japanese yen sometime this year.

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