ChainCatcher reported that according to CoinDesk, the Bank for International Settlements (BIS) said that more than 40 financial companies will explore the application of tokenization in wholesale cross-border payments through the Bank for International Settlements (BIS) Project Agorá.

These financial companies were selected by BIS after publicly soliciting participants in May. The project has now entered the design stage.

BIS stated on its website that the project is based on the concept of its unified ledger and "will study how to seamlessly integrate tokenized commercial bank deposits with tokenized wholesale central bank currencies into a programmable core financial platform."