Why Wall Street giants build tokenization money for institutions, not regular consumers
Source: CoinDesk ·
From the source
JPMorgan and Citi move billions in tokenized deposits, but only among their branches. A U.K. challenger bank is about to do something neither has done. JPMorgan moves more than $3 trillion through its Kinexys blockchain platform , and Citi Token Services processes billions in cross-border payments daily. Both are great examples of Wall Street giants modernizing their legacy systems and adopting blockchain for cross-border payments; however, neither of them is for the regular person with a savings account. That gap is not an accident. "Most of the coins that have been minted and are being used for money transfer are all internal projects," said Mintoo Bhandari, founder of Monument Bank, a U.K. challenger bank with a roughly $2.4 billion balance sheet. “Is that really moving the needle for the whole bank and for the consumer? Not yet." That is the central divide in the tokenized-money debate. Banks are putting tokenized deposits and payments on blockchain infrastructure, but most…