Alibaba Embarks on New Era of Global B2B Payments with Tokenized Bank Deposits

Alibaba is set to revolutionize global business payments with the launch of a new tokenized system powered by JPMorgan’s Kinexys blockchain network. The initiative aims to eliminate the lengthy delays commonly encountered in cross-border trade, currently taking up to 48-72 hours for settlement. This move marks a significant shift from previous approaches like cryptocurrencies and CBDCs, focusing instead on traditional bank deposits running on private blockchain networks.