Blockchain adoption ‘accelerating very quickly’ in big finance — Franklin Templeton exec
Franklin Templeton executive Sandy Kaul said in a report that a pathway to reengineering the global financial markets can be seen for the first time.
Major financial firms like JPMorgan and the Hong Kong and Shanghai Banking Corporation (HSBC) have ramped up their blockchain-related activities heading into 2024, accelerating the adoption of distributed ledger technology (DLT) within traditional finance.
On Nov. 3, JPMorgan executed its first decentralized finance (DeFi) trade on a public blockchain. The company rolled out programmable payments for its institutional blockchain platform, JPM Coin, on Nov. 10. Executives from JPMorgan and Apollo also unveiled plans for a tokenized enterprise mainnet on Nov. 28.
Apart from JPMorgan, HSBC has also been on the move. On Nov. 1, HSBC and financial services provider Ant Group tested tokenized deposits under a sandbox arranged by the Hong Kong Monetary Authority. Meanwhile, HSBC partnered with Metaco, a Ripple-owned tech firm, on Nov. 8 to hold tokenized securities on its new custody platform.
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Author: Ezra Reguerra
