Wall Street Giants Unveil Crypto Plans To Boost Institutional Adoption
- Renowned financial institutions set to test novel blockchain-based regulated settlement network.
- Identified institutions for the test include JP Morgan, Citi, Wells Fargo, Visa, and Mastercard.
- Polygon’s Colin Butler considers the developing trend a signal for mass crypto adoption.
Renowned financial institutions, including JPMorgan, Citi, U.S. Bank, and Wells Fargo, are among the organizations that will test an upcoming regulated settlement network involving the common settlement of tokenized assets on shared-ledger technology. According to reports, payment giants Visa and Mastercard and global financial messaging service Swift will also participate in the testing process.
The innovation comes amid growing concerns over the struggles of the U.S. dollar, the universal settlement currency. In a recent report, the billionaire Tesla CEO, Elon Musk, warned that the greenback could collapse. Hence, efforts by the identified Wall Street giants to explore asset tokenization, an idea that Citi analysts predict could become a $5 trillion market by 2030.
Colin Butler, global head of institutional capital…
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