JPMorgan, BNP Paribas and Deutsche Bank team up with ECB to advance tokenization

JPMorgan Chase, Deutsche Bank and BNP Paribas are teaming up with the European Central Bank to advance tokenization, a project that is testing the use of blockchain technology to settle securities transactions. The ECB's tokenization trial began in December and is still in its early stages and will continue until November this year. "We are trying to look to the future and think about how central bank money can be in a form that remains useful," said Ulrich Bindseil, the ECB's director of market infrastructure and payments, when the tokenization trial was first announced in December.