ChainCatcher reports that the Bank for International Settlements (BIS) has partnered with some of the world's largest banks and credit card companies to launch a blockchain-based project aimed at fundamentally reforming global cross-border payments.

JPMorgan Chase, Deutsche Bank, UBS Group, Visa Inc., and Mastercard are among those who have joined the Agora project, which launched in May. The full list of private sector participants includes 41 companies that will work alongside seven central banks from regions including the US, Eurozone, Japan, and the UK.

The BIS is exploring the creation of an international platform through Agora (meaning marketplace in Greek), where tokenized assets can be bought and sold using digital currencies backed by participating central banks. These central banks issue the world's most important reserve currencies. On this unified ledger, investors can engage in cross-border transactions using near-risk-free central bank money. Currently, the only relatively safe currency is cash, which doesn't exist in a digital form.