The number of banks that now signed up for JPMorgan’s Crypto Payment Network, the Interbank Information Network (IIN) has now swelled to 320 with the addition of Deutsche Bank.
It can be remembered that the U.S banking giant revealed the initiative back in October 2017 wherein it announced IIN that is built on Quorum, the Ethereum-based blockchain network developed by JPMorgan and utilizes a stablecoin dubbed as JPM Coin.
Remittance trials started last June with JPMorgan client banks with the bulk of member banks using JPMorgan to process USD payments while Deutsche Bank leads globally for clearing euro-denominated payments.
Deutsche Bank has recently suffered major lay-offs due to the financial uncertainty of the Bank and cited joining IIN as an important step that can help Deutsche Bank reduce cost and give its clients better banking services.
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Headlines for the world of Cryptocurrencies - September 13, 2019
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Headlines for the world of Cryptocurrencies - September 12, 2019
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