JPMorgan Launches Blockchain Venture for Central Bank Digital Currencies

JPMorgan has created a new company to tackle cross-border payments using blockchain technology with Singapore state-backed fund Temasek and DBS. The new company, Partior, was developed through a program with the Monetary Authority of Singapore, according to a story in The Wall Street Journal. The initiative was born out of the investment bank’s blockchain unit Onyx under Project Ubin. JPMorgan said the venture could be used to assist central bank digital currency pilots. The bank will use Partior to develop a blockchain-based, open industry platform for digital clearing and settlement solutions for payments, trade and foreign exchange transactions. The platform could help commercial bank money settle at “atomic” or instantaneous speeds in future, the bank said, using smart contracts to address current friction points in transactions.