According to a report by Bloomberg, the Bank for International Settlements (BIS) has launched a blockchain-based project called Agora in May this year, in collaboration with companies like JPMorgan Chase, Deutsche Bank, UBS Group, Visa Inc., and Mastercard Inc.

The full list of private sector participants includes 41 companies, joining seven central banks from regions such as the US, Eurozone, Japan, and the UK. The BIS is exploring the creation of an international platform through Agora, where tokenized assets can be bought and sold using digital currencies backed by central banks of participating countries that issue the world’s most important reserve currencies.