J.P. Morgan announced yesterday in a press release that over 330 banks have joined its blockchain network, the Interbank Information Network (IIN).
IIN is designed to share information between banks, to help them make payments—similar to SWIFT. It uses Quorum, a permissioned version of the Ethereum blockchain, with the aim of speeding up global payments.
Deutsche Bank joined the network last week, a partnership that could encourage other large banking institutions to follow suit. While Deutsche Bank has made widespread layoffs in recent months, it still brought in $24 billion in revenue last year.
“The intent with IIN was always to develop a meaningful ecosystem of bank users, all focused on harnessing emerging technologies such as blockchain to better address the complex cross border payments industry,” said John Hunter, global head of clearing for JPMorgan Chase, in a statement.
JP Morgan Coin: The next big cryptocurrency?
U.S. investment bank JP Morgan Chase has just entered the crypto world. It announced today it has created a cryptocurrency known as the JPM Coin, a U.S dollar backed stablecoin designed to be used by big business. So far, the most well known stablecoin is Tether, which has a market cap of $2 billion. But many questions have been raised over the dollar reserves it claims to have, as it has not performed a sufficient audit. In response, other stablecoins have popped up, with Circle’s USDC—which is...
Head of payments at JPMorgan, Takis Georgakopoulos, told the Financial Times that J.P. Morgan hopes to bring the total number of banks up to 400 by the end of the year.
Earlier this year, J.P. Morgan announced their own blockchain-based stablecoin called JPM Coin. The bank was subsequently grilled alongside Libra about its US-dollar backed cryptocurrency, which many regulators and central banking officials regard as a threat to the authority of central banks.
