JP Morgan to launch its own cryptocurrency
More than 80 banks in Japan have announced their intention to join JPMorgan’s Interbank Information Network (IIN) powered by Quorum blockchain platform.
According to JPMorgan CEO Daizaburo Sanai, 365 organizations worldwide use the IIN, 70 of which are banks. If those wishing to join the network, then the share of Japanese participants will exceed 20%.
Banks Expect JPMorgan Product to Improve Efficiency and Speed of Payee Verification to Better Fight Money Laundering Risks. Since earlier FATF found deficiencies in existing mechanisms, the financial institutions of the country of the rising sun are under pressure and seek to modernize the system.
Sumitomo Mitsui Trust, a Tokyo-based bank that has also expressed a desire to join, says the IIN will help minimize delays associated with interbank inquiries, thereby speeding up interactions with law enforcement..
Network IIN is expanding rapidly. At the time of joining it Deutsche Bank in September it had 320 members.
text: Ivan Malichenko, photo: caixin