Deutsche Bank Joins JPMorgan Cryptocurrency Payment Network
Deutsche Bank joins the Interbank Information Network (IIN) launched by JPMorgan Chase.
IIN operates on the Quorum blockchain, which was developed in 2017 based on the Ethereum platform. The project uses JPM Coin stablecoin to process dollar payments of client banks, helping to reduce the time and costs of interbank transactions.
Although testing of the system began in June, the network currently has 320 members. However, the development of the project is slowed down natural limitations of JPMorgan’s client base, now only dollar-denominated ones are processed in the network payments. At the same time, Deutsche Bank is the leader in clearing operations in the euro and, after the reduction of investment banking business, relies more on transit banking, therefore, such cooperation stimulates the expansion and will allow us to offer customers better services.
JPMorgan Chase plans to expand network to 400 members by the end of the year and attract other major banks.
In June, the CEO of Goldman Sachs said his bank could follow JPMorgan’s lead and is also considering launching its own digital currency..
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text: Ivan Malichenko, photo: thetimes