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To establish new blockchain companies such as JP Morgan and DBS Bank in Singapore

Cryptocurrency

BC platform for banks

US financial giant JP Morgan, Singapore’s largest bank “DBS Bank” and Singapore’s sovereign wealth fund “Temasek” announced on the 28th that they will co-found a blockchain company “Partior”.

First, it will promote remittances and settlements between Singapore dollars and US dollars between Singapore-based banks, and will also consider supporting CBDC (Central Bank Digital Currency) in each country in the long run.

The newly established Partior is a company that focuses mainly on international payments, transactions and foreign exchange payments for banks. Partior means “distribution, sharing” in Latin, and aims to improve the efficiency of payment solutions in the banking industry by utilizing blockchain technology and smart contract functions.

In addition to developing a wholesale settlement rail for commercial banks, it has revealed plans to support multiple financial transactions such as atomic settlement (β‰’ immediate settlement).

The focus will be on transactions between banks in Singapore, but in the long run, it will expand its support to other regions and fiat currencies. Furthermore, in the long term, it will be possible to introduce CBDC, which is being developed in each country, and to respond to use cases.

Participating companies

Morgan, a major US financial company, DBS Bank, the largest bank in Southeast Asia, and the Sovereign Wealth Fund owned by the Government of Singapore are also participating in the establishment of Partior.

In addition to the fact that all of them are major institutions at the level of representing the United States and Singapore, these three institutions have something in common that the trends related to blockchain and crypto assets (virtual currency) have been conspicuous.

It was revealed this week that JP Morgan plans to offer a Bitcoin fund to the wealthy this summer.

In addition, DBS Bank launched the virtual currency exchange “DBS Digital Exchange” in December 2008. It provides institutional investors with physical trading and custody services for four brands: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and XRP (Ripple).

It was also suggested that Temasek was buying Bitcoin from BTC miners at the end of March. Temasek is the 7th largest sovereign wealth fund in the world, and major companies will provide a platform that utilizes blockchain.

Relation:“Government funds are considering Bitcoin investment,” reveals CEO of a major crypto investment company

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Author: Noah Sakamaki
Reference: JP Morgan

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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