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JPMorgan Harnesses Blockchain to Save Millions in Fees

JPMorgan just announced that it is using blockchain technology to improve its speed of financial services, particularly in repos or repurchase agreements. These agreements, which involve borrowing against collateral, typically take time to settle. However, blockchain allows

for the instant tokenization of assets and the creation of smart contracts, enabling more timely and cost-effective trades. Tyrone Lobban, head of blockchain launch and Onyx digital assets at JPMorgan, estimates that the savings from using blockchain in this way could amount to $20 million by the end of next year. The service is gaining traction, with more clients using the platform more frequently. Lobban predicts that the trajectory will double next year as more global clients recognize the value of these blockchain-based financial products.


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