JPMorgan teams up with six Indian banks to build a blockchain-based platform

2023-6-6 21:17

The blockchain-based platform is aimed at settling interbank dollar transactions. The move is part of the Indian government’s strategy to elevate GIFT City to the League of Cities like Singapore. The parties will launch a pilot project over the next few months in order to analyze the banks’ experience.

American multinational financial behemoth JPMorgan Chase & Co. has partnered with Indian banks to build a blockchain-based platform to settle interbank dollar transactions.

The Indian banks involved are based in the Gujarat International Finance Tec-City (GIFT) City and include HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Yes Bank Ltd., and IndusInd Bank Ltd.

Elevating GIFT City status

Although it is a partnership within the private sector, the move is part of the Indian government’s strategy of elevating GIFT City to a level where it can compete with the likes of Hong Kong, Singapore, the International Financial Centre (IFC) in Dubai, and the Abu Dhabi Global Market (ADGM).

Kaustubh Kulkarni, a senior Indian officer, and vice chairman of Asia Pacific, at JPMorgan, have stated that the institution would be launching a pilot project in the coming months to examine banks’ experience.

JPMorgan and blockchain technology

JPMorgan also plans to use blockchain technology to restructure dollar transactions between financial institutions so that the transactions can be completed in a matter of seconds.

According to Kulkarni, GIFT City banks would be able to maintain their own time zone and business hours once JPMorgan creates the blockchain infrastructure enabling instant transactions around the clock.

JPMorgan’s pilot project using the Onyx blockchain technology is already expected to start on Monday after receiving clearance from the International Financial Services Centre Authority. Onyx, which is a blockchain-based platform for wholesale payment transactions was launched by JPMorgan in 2020.

The post JPMorgan teams up with six Indian banks to build a blockchain-based platform appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Indian Rupee (INR) на Currencies.ru

$ 7958554.03 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $7923921.44 - H: $8186655.46
Капитализация $0 Rank 99999
Цена в час новости $ 1929355.03 (312.5%)

platform blockchain-based indian strategy government singapore part

Источник: coinjournal.net

platform blockchain-based → Результатов: 126


Blockchain-based OTC trading platform Xtock Announces Alpha website Launch and Prepares for Global Marketing

Bitcoin Press Release: Blockchain-based OTC market finance platform Xtock has announced its Alpha website launch as the company prepares for global marketing. 4th August, 2018, Hong Kong – Blockchain OTC trading platform ‘Xtock’ has officially announced the launch of it’s ‘teaser’ website, a first of it’s kinda for the Asian region.

2018-8-4 17:13


Фото:

Commonwealth Bank Boasting Blockchain-Enabled Global Trade Platform

In-house blockchain technology solutions continued to permeate supply chains as Australia’s Commonwealth Banks has successfully conducted a high-profile shipping experiment. ‘Agile, Efficient and Transparent’ Australia’s Commonwealth Bank has successfully shipped and tracked seventeen tonnes of almonds in a blockchain-based collaboration with five domestic and international supply chain leaders.

2018-8-1 01:00


Lykke to list AMLT by Coinfirm on the Lykke Exchange

Lykke, a FinTech company building a regulated, blockchain-based global marketplace, will add Coinfirm’s AMLT token to the list of tradable assets on the Lykke Exchange. A leading global RegTech enterprise focused on anti-money laundering for blockchain, Coinfirm created AMLT as the native token of The Coinfirm AML/KYC Platform for major crypto players, ICOs and financial institutions.

2018-7-31 13:18


Фото:

To accelerate global financial environmental improvement via polymath, shifty blackhain

Shyft, a worldwide blockchain-based network that helps secure sharing of attested and compliant data, and the world’s first security token development platform, Polymath, have signed a Letter of Understanding, according to which, the latter will become a functioning ecosystem partaker and data provi… The post Polymath, Shyft to expedite global financial ecosystem progress via blockchain

2018-7-30 18:29


Museums Chain ICO

Museums Chain is a blockchain-based virtual museum platform for everyone to see museums around the world and to discover the world’s heritage. Teachers, students of all ages, families, young people, employees of the museum and others learn more quickly and retain more information by living an experience rather than just reading about Museums.

2018-7-28 13:58


Фото:

Thai Bond Market Association Blockchain-based registrar should launch the Bond Service Platform

The Thai Bond Market Association (TBMA) will deploy a blockchain-powered solution on its registrar service platform, local news agency Bangkok Post reports July 28. The new registrar service platform, which is scheduled to be introduced this year, intends to provide a faster bond certificate issuance and, in turn, boost the liquidity of the secondary market,

2018-7-28 09:22


Blockchain-Based Payment through Fingerprint, A New Innovation From Hitachi

A Japanese giant tech firm, Hitachi to introduce blockchain based payment on their platform. The blockchain based payment method can validate transactions through the use of fingerprint. The innovation is still in formation as detailed by the firm, but will be a significant transformation to the phase of blockchain and cryptocurrency.

2018-7-27 12:38


trade.io Launches Unique, Community-Led Crypto-to-Crypto Exchange

New innovative exchange backed by a $50 million liquidity pool providing revenue sharing on a daily basis opens its doors to the market Lugano, Switzerland – 25th July 2018 – trade.io, the next-generation blockchain-based financial trading platform, has officially launched its one-of-a-kind, highly customizable crypto-to-crypto exchange which will initially offer the following tradable instruments: BTC […]

2018-7-26 00:42


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Rumble secures $775 million investment from Tether

Rumble partners with Tether in a $775M deal, sparking speculation on future crypto payment integrations. The post Rumble secures $775 million investment from Tether appeared first on Crypto Briefing.

Riot Platforms completes $525M offering to buy Bitcoin

Riot completes a $525M offering to bolster Bitcoin acquisitions and operations, holding 12,000 Bitcoin, valued at $1.2B. The post Riot Platforms completes $525M offering to buy Bitcoin appeared first on Crypto Briefing.