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The bank is an early adopter of Google Cloud Universal Ledger, a private blockchain for the financial sector. BMO plans to use the blockchain to issue tokenized versions of cash and bank deposits that will let clients settle trades, margin calls and collateral 24 hours a day. (The Logic)
Talking point: BMO’s new platform is yet another example of a Canadian bank experimenting with crypto technology in an effort to keep up with the U.S., where President Donald Trump has drastically relaxed regulations. BMO’s decision to use Google’s blockchain is notable, lending the tech giant credibility as it contends with others issued by competitors Stripe and Circle. Global regulators have previously reacted with alarm at the prospect of tech giants becoming major players in financial services and digital currency, with Meta scuttling plans for its Diem cryptocurrency in 2022 amid push-back.
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