Crypto
Canada's Big Six Banks to Launch Tokenized Deposit Initiative
Canada's 'Big Six' banks are preparing to launch an interbank tokenized deposit initiative. This move is aimed at reducing settlement times and increasing efficiency in transactions between banks.
The six major banks involved are Royal Bank of Canada, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Nova Scotia, Bank of Montreal, and National Bank of Canada.
No specific timeline has been announced for the launch of this initiative, but it is expected to bring about significant changes in how transactions are processed between banks.