Singapore-based bank OCBC has become the first to join JPMorgan’s blockchain network.
September 10, 2019, | AtoZ Markets - JPMorgan’s blockchain-powered interbank information network (IIN) has onboarded a new member namely Oversea-Chinese Banking Corporation (OCBC) bank from Singapore. Ever since JPM coin made waves in the crypto industry, JP Morgan has been riding high on success.
OCBC Bank joins JPMorgan blockchain
According to a Business Times Singapore report, a total of 134 banks from the Asia-Pacific region are now participants in JPMorgan’s blockchain-powered IIN.
OCBC is the second-largest bank in Southeast Asia by assets and among the larger financial institutions in Asia-Pacific.
These 134 banks comprise almost 40% of the 343 banks that have joined IIN since 2018. The network’s largest national bloc is Japan, where 80 banks are participants.
IIN first launched as a pilot in 2017, designed to share information between banks, to help them make payments—similar to SWIFT. The network is built on JPMorgan’s Ethereum-based, proprietary and permissioned, i.e. private blockchain “Quorum.”
In a statement, John Hunter — global head of clearing at JPMorgan Chase was cited as saying:
“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.”
Deutsche Bank another institution to join JPMorgan's IIN
The addition of OCBC comes just days after Germany’s largest bank, Deutsche Bank joined IIN. JPMorgan has said it aiming to have 400 members by the end of 2019, suggesting that other large banking institutions will follow suit in the near future.
Apart from the IIN and other Quorum innovations, JPMorgan Chase has been making giant strides and has been in the industry limelight for its blockchain-powered stablecoin dubbed JPMCoin, launched in February 2019.
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