Bank of America, BNY, Citi, Wells Fargo, J.P Morgan are part of a group of banks that have launched a digital payments initiative that links onchain activity with traditional payment rails
The group will provide fund administration and depositary services for non-financial instruments through Apex Fund Services Luxembourg and bank account services through European Depository Bank
The firms intend to enable the tokenisation of Depository Trust Company-custodied assets on the Stellar network, which spans securities, payment, and remittance
Brigdetower’s platform, which started as an early integration of the Chainlink Runtime Environment, supports tokenised securities linked with the DOM X Arizona Copper-Gold Project
The initiative, in collaboration with Kinexys by J.P. Morgan, Mastercard, and Ripple, was completed near-real-time, cross-border, and cross-bank, said to be the first transaction of its kind
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