Goldman Sachs (NYSE:GS) is reportedly one of several financial institutions to sign on to JPMorgan (NYSE:JPM)’s custom blockchain service — a sign that more broker-dealers were looking to take advantage of digital currencies for their repo operations.
In an interview with Bloomberg, Scott Lucas, head of blockchain markets at JPMorgan, said the investment bank is already using blockchain to conduct billions of dollars worth of repurchase agreements. The bank utilizes JPM Coin, a dollar-backed stablecoin, to swap digitized U.S. Treasury bonds much more efficiently.
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