When it comes to the adoption of cryptocurrencies and blockchain networks, JPMorgan has emerged as a proponent. The financial investment firm from the United States has been very much into adopting cryptocurrencies at their best.
The financial investment giant has limited itself not only to investing directly in cryptocurrencies but has also gone way beyond that option. JPMorgan is constantly collaborating with governments from around the world that are interested in cryptocurrency and blockchain adoption.
The country is then partnering with the responsible firms and regulators from such countries to bring in more exposure to cryptocurrencies.
As per the latest reports, JPMorgan has gone ahead and formed a partnership with DBS, which is the largest bank in Singapore. On top of that, JPMorgan has formed another partnership with Temasek, which is an investment firm backed by the state of Singapore.
The reason behind the partnership between these companies is the introduce a new blockchain company. This blockchain system will prove extremely important for interbank and global payments transactions.
The sources have confirmed that the name of the new blockchain-based company is Partior. Partior will be playing a key role in digitizing bank money that will be commercial in nature. The platform will be running on blockchain technology.
With the help of the platform, the existing friction between foreign exchange settlements, trade transactions, and cross-border payments could be reduced.
This functionality would ensure that no matter the transaction type, they will be settled and executed in an instant. This service would prove essential for banks in taking care of challenges they face in terms of global payments and transactions.
JPMorgan shared the information around the launch and new features offered by Partior on Wednesday, April 28, 2021.
This is not the first time JPMorgan has introduced a feature like this for international users. Prior to this, JPMorgan and Temasek had both partnered to introduce a new project called Ubin. The project was also based on the blockchain network and was oriented towards enabling transactions in multi-currencies.
AT that time, one of the major regulatory authorities took the initiative from Singapore. The name of the regulatory authority that initiated the process the Monetary Authority of Singapore. The firm had reportedly launched its services back in 2017.
Once the Partior platform is introduced, the users based in Singapore and the United States would benefit heavily from the recent actions. The concerned teams have revealed that the main reason behind the launch of the platform is to enable easy cross-border transactions.
For now, the currency conversion and transactions tool are not operational. The firm aims to expand its services over the course of next month until late 2021. The first aims that its service gets accepted at the earliest.