Categories: JP Morgan

JP Morgan partners with 200 banks to build a massive banking network on Ethereum fork

The largest bank in the US (also one of the largest in the world), JP Morgan, plans to create a massive banking network. The network will be running on a permissioned Ethereum fork called Quorum. The network is called Interbank Information Network (IIN).

IIN was launched as a pilot in 2017. According to JP Morgan, IIN is the firm’s first scalable, peer-to-peer network powered by blockchain technology. JP Morgan plans to reduce the challenges of Interbank information sharing, including Cross border payments.

“The more banks that join the network, the more dramatic the reduction in payment delays,” said John Hunter, Head of Global Clearing for Treasury Services, in a press release by JP Morgan. “As the network scales, our clients’ payments will be processed faster with less operational expense.”

Around 200 banks have already agreed to join the IIN. None of the major US banks have joined so far but the list does contain major banks from Europe and Asia. Some of the banks include UBS, ICICI bank, MUFG Bank, etc. The full list of banks can be found here.

The IIN is for information sharing purposes only and cannot process transactions. It is believed that JP Morgan will link the IIN with the JPM Coin (a stable coin owned by JP Morgan) to facilitate cross border transactions.


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Ishan Garg

Ishan is a cryptocurrency trader and a journalist. He joined the cryptocurrency space in 2017. He is the founder of Blockmanity. He is a HODLER and is holding BTC, ETH & UGT.

Share
Published by
Ishan Garg

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

2 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

3 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

4 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

4 months ago