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Deutsche Bank and Standard Chartered Test Blockchain-Based Transactions

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Deutsche Bank and Standard Chartered’s SC Ventures are currently testing a system that allows blockchain-based transactions, stablecoins, and central bank digital currencies (CBDCs) to communicate with each other. This system is similar to the SWIFT messaging layer used in traditional banking infrastructure. The banks are conducting various test cases, including the transfer and exchange of USDC stablecoins, on the Universal Digital Payments Network (UDPN). UDPN is a blockchain system that consists of validator nodes operated by a group of banks, financial institutions, and consultancies. It was created by tech consultancy GFT Group and Red Date Technology, the co-founder of the Chinese Blockchain-Based Service Network (BSN). The system enables transactions across different networks, ranging from stablecoins on public blockchains to CBDCs.

Sam Bankman-Fried’s defense team wants him to testify about his knowledge of FTX’s operations, industry practices, his intentions with FTX’s funds, and his understanding of FTX and Alameda’s financials. The defense filing suggests that Bankman-Fried’s attorneys and the Department of Justice (DOJ) have discussed these aspects and are seeking permission from Judge Lewis Kaplan to question him about them. The topics include FTX’s use of auto-deletion policies for Signal and Slack messages, the opening of North Dimension and its bank accounts, loans made from FTX and Alameda Research to executives, and other related issues. The defense argues that Bankman-Fried did not intend to defraud customers or investors and that he relied on advice from his lawyers to run the company.

JPMorgan, a major US bank, now handles $1 billion worth of transactions in its digital token called JPM Coin every day. Bloomberg reported that the bank plans to expand the usage of JPM Coin, according to an interview with Takis Georgakopoulos, the bank’s head of payments. JPM Coin is a settlement token that allows JPMorgan’s institutional clients to make wholesale payments using blockchain technology. Since its launch in 2019, JPM Coin has been used for dollar-denominated payments, and support for euros was added in June. Georgakopoulos stated that JPM Coin is mostly transacted in US dollars on a daily basis, but they intend to further expand its usage.

– Omkar Godbole

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