JP Morgan’s Blockchain payments platform has just welcomed five of South Korea’s biggest banking institutions. Dubbed the Interbank Information Network (IIN), the banks have now joined an already long list of other financial service providers who are a part of the forthcoming blockchain payment system. They include Shinhan Bank, Woori Bank, NongHyup Bank (NH), Korea Development Bank (KDB) and KEB Hana Bank.
According to JP Morgan, at least 340 different financial institutions have already indicated interest to be a part of the platform. The IIN is expected to facilitate banking transactions whether internally within the institution’s host country, or externally with cross-border payments. The blockchain platform will also make these transactions a lot more transparent, accessible, easy and significantly more cost-effective. JP Morgan’s own stablecoin, the JPM Coin, will also run on the IIN.
The platform from JP Morgan is just one of a large number of other blockchain-based payment platforms being created by financial institutions around the world. Wells Fargo for example has announced the creation of its own stablecoin called the Wells Fargo Digital Cash. Wells Fargo plans to use this platform to improve the efficiency of all of its cross-border payments. This is quite interesting because Wells Fargo is known to be a bit averse to the cryptocurrency sector and has in the past blocked some of his customers from making crypto-related transactions.
Reportedly, about 80 of all the institutions that are already a part of the platform are from Japan alone. This makes Japan the country with the largest representation on the IIN.
Image Credits: Unsplash
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