Wall Street’s New Blockchain Apps Face Real-World Test in 2024
- More and more big banks deployed the technology in past year
- Now blockchain use has to scale across settlement, payments
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Cryptocurrency firms may still be licking their wounds, but a slew of major financial companies including JPMorgan Chase & Co, HSBC Holdings Plc and Franklin Templeton are flipping the switch on new systems built around blockchain, marking an acceleration into 2024.
In the past week, a blockchain technology company backed by Goldman Sachs Group Inc, UBS Group AG and Banco Santander processed the first payments through a platform that’s been in the works for several years. Deutsche Bank AG’s asset manager, DWS Group, said on Wednesday it had partnered with firms including market-maker Flow Traders, to set up a company that will issue a stablecoin.