Major financial institutions like JP Morgan and HSBC are increasing their blockchain-related activities ahead of 2024, pushing for the adoption of distributed ledger technology (DLT) within traditional finance.

This was stated by Franklin Templeton executive Sandy Kaul, who believes that a pathway to restructuring the world's financial markets can now be seen.

JP Morgan executed its first decentralised finance trade on a public blockchain, and later rolled out programmable payments for its institutional blockchain platform, JPM Coin.

The firm, in partnership with Apollo, also unveiled plans for a tokenised enterprise mainnet.

On the other hand, HSBC, along with the Ant Group, tested tokenised deposits under a sandbox arranged by the Hong Kong Monetary Authority.