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DBS Bank is currently partnering with J.P. Morgan to jointly develop an interoperability framework.
BlockBeats News, November 11th, according to The Block, Singapore's DBS Bank is collaborating with Kinexys, a digital asset platform under JPMorgan, to develop an interoperability framework aimed at enabling cross-chain transfer of tokenized deposits within both parties' on-chain ecosystems.
This collaboration seeks to build a bi-directional interoperability layer supporting cross-network transactions between public and permissioned blockchains to expand customer reach. Currently, both institutions provide customers with 24/7 liquidity services and real-time payment settlements within their blockchain systems.
According to the announcement, JPM Deposit Token users based on the Ethereum Layer 2 network Base will be able to transact with DBS Bank token service customers operating on a permissioned chain in the future. Such interactions have been limited by inherent interoperability challenges and associated security risks, which have been difficult to overcome within traditional financial architectures.
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