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JPMorgan Partners With 6 Indian Banks to Settle Dollar Trades on Blockchain Platform
Summary: JPMorgan (JPM) is teaming up with six Indian banks to introduce a blockchain-based platform to settle interbank dollar transactions, according to reports by Bloomberg. The investment bank will run a pilot project over the coming months with HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPM's own banking unit at the Gujurat ...
JPMorgan (JPM) is teaming up with six Indian banks to introduce a blockchain-based platform to settle interbank dollar transactions, according to reports by Bloomberg.
The investment bank will run a pilot project over the coming months with HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPM's own banking unit at the Gujurat International Finance Tec-City (GIFT City).
The aim of the project is to settle dollar trades in real-time as opposed to over a matter of hours and only on business days.
The project will be headquartered in GIFT City, a move that will help to further position the business district as an international finance hub.
Author: Katie Lin
Tags: Blockchain,GIFT City,Gujurat International Finance Tec-City,Indian,JPM,JPMorgan
Link: JPMorgan Partners With 6 Indian Banks to Settle Dollar Trades on Blockchain Platform [Copy]
