JP Morgan Chase has reeled in 220 partners rapidly expanding their Interbank Information Network (IIN) stable of corporate and startup partners. The project launched as a pilot in 2017 is powered by Quorum – a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan.
IIN aims to speed up the processing of global payments and will be releasing a stable coin-like token, the JPM Coin, pegged to the U.S. dollar and expected for testing in preliminary payment settlement trials later in 2019.
John Hunter, JPMorgan’s head of global clearing, told the Financial Times that the bank is considering expanding the functions the IIN.
“The initial use case was around sanctions screening,” he said. “Now we’re looking at the ability to do more at the point of settlement.”
“This removes many challenges and hurdles — tooling, ecosystem, data, environment, etc,” said Hunter. “Developers only need to bring their intellect.”
According to the Financial Times the IIN is also setting up a sandbox for fintechs to use the network to “develop and put out applications” and the testing environment will offer developers building blocks such as secure messaging, document file transfer and data modelling.
- Bitfinex Cryptocurrency Exchange to Offer Staking Rewards Program - April 6, 2020
- European Commission Backed Blockchain Organisation INATBA Joins WEF COVID Action Platform to Address Global Challenges - April 6, 2020
- Blockchain-Fueled Company Mateon Develops Phase 3 Clinical Drug Candidate, Against COVID-19 – OT-101 - April 6, 2020
- US Lawyers Go After Cryptocurrency Ecosystem with Multiple Class Action Suits Against Exchanges and Issuers - April 6, 2020
- Huobi Charity Joins Rally with Blockchain Community in Global Fight Against COVID-19 - April 2, 2020
- Binance Officially Absorbs CoinMarketCap in $400 million deal - April 2, 2020
- RealT Tokenises and Sells USD One Million in Real Estate On Ethereum - March 30, 2020
- IOTA Teams Up with Eclipse Foundation to Work on Decentralised Marketplace and Identity Solutions to Help Fight Pandemic - March 30, 2020
- University of Malta Students Develop and Use Blockchain Voting Application - March 30, 2020
- Japan’s Nomura Securities and BOOSTRY Issue First Blockchain Digital Bond Offering - March 30, 2020
- Opera Rolls out Update and Expansion of its Cryptocurrency-Friendly Browser Blockchain Architecture - March 30, 2020
- Hong Kong Bank Partners with Aegis to Focus On Asset Digitalization Using Blockchain Technology - March 30, 2020
- European Union Looking to Blockchain Technology for Defense? - March 30, 2020
- Tech against Corona (COVID-19) – Dutch Enterprise Blockchain Company TYMLEZ Helps Dutch Government - March 29, 2020
- Microsoft Patents Human Activity Mining for Cryptocurrency Systems – Data Generated Based on Body Activity can be Proof-of-Work - March 27, 2020
- Binance Kicks Off $5 Million Coronavirus Relief Campaign and Donates USD $1 Million - March 27, 2020
- Medici Ventures Keiretsu Companies GrainChain and Symbiont Working Together to Expand Global Operations - March 27, 2020
- Blockchain-Fueled Entertainment Platform Ficto Launches Interactive Streaming Network - March 27, 2020
- SettleMint – Belgian blockchain startup raises USD $2.09 Million for Expansion - March 27, 2020
- Exclusive Interview: Bitcoin and Cryptocurrency Leader Michael Terpin Sees Light in The Covid-19 Tunnel - March 26, 2020
Also published on Medium.