JPMorgan Chase, BNP Paribas, and Deutsche Bank collaborate with the European Central Bank to promote tokenization

ChainCatcher news, JPMorgan Chase, Deutsche Bank, and BNP Paribas are joining forces to collaborate with the European Central Bank on tokenization, a project that is testing the use of blockchain technology for settling securities transactions.

The European Central Bank's tokenization experiment began last December and is still in its early stages, set to continue until November this year. Ulrich Bindseil, Director General of Market Infrastructure and Payments at the European Central Bank, stated when the tokenization experiment was first announced last December: "We are trying to look ahead and think about how the form of central bank money can retain its usefulness."