JPMorganis planning to move its USD using the blockchain. And, a New York Bank has been doing this formore than two months now.

Accordingto the bank executives, ever since the launch, more than 100 clients have beenusing the Signet system in order to send each other millions of dollars in aday round the clock.

JosephJ. DePaolo, the CEO and President at Signature Bank, stated, “We can say thereare trades going on in millions some days and there are tens of millions on otherdays, and I would state the numbers of clients we have doing this is in thetriple digits.”

Signatureis the US bank that provides deposit accounts for cryptocurrency startups. There are other banks like the MetropolitanBank and Silvergate Bank in San Diego doing this. According to the executives, Signetis now being used by non-crypto businesses too.

Signethas been previously made the payments platform for their renewables energycustomers by American PowerNet, which is an independent electrical powertrading firm.

DePaolostated that Signature is synchronizing two other “ecosystems” where moving moneyand property is important. He furtheradded, “We will shortly onboard a substantial cargo ecosystem and wholesale on diamonds,”however, he did not name the organizations for the cargo and wholesalediamonds. He further added thatSignature is also involved in talks with a major insurance company. And he also stated about why such a companywill be interested in such real-time payments, by stating:

“Ifyou have ever been involved in a commercial real estate closing, usually allthe lawyers are sitting around eating lunch waiting for the wiretransfer.” Thus implying that there is aneed for faster transactions.

SignatureBank has less than 2% the asset size when compared to JPMorgan. Therefore, it comes as no surprise that DePaoloand Signature Chairman Scott Shay were taking pride in pointing in comparingJMP coin to what they already have.

Bothof these Signature’s blockchain system along with JPM Coin run on privatevariants of the Ethereum blockchain technology. JPM uses Quorum. Quorum is mainly focused on data privacy forkon the Ethereum public blockchain code.

Signetplatform is built on true digital, which is a proprietary blockchain that uses Ethereumas its base.

Bothof these platforms involve stable coins that are pegged to the real world USDthat is deposited in the bank in exchange for tokens which clients can use totransact with each other using the distributed ledger. They will be able to redeem it 1:1 with thefinancial institution.

Replacingwire transfers with blockchain is the current goal meant to keep clientsconnected 24/7.