JPMorgan, the largest investment bank in the world, seems to be slowly but surely opening up to the world of crypto and blockchain. While the attitude of the institute towards crypto does not seem to be completely united yet, it seems to have become increasingly convinced of the possibilities of blockchain technology. In 2020, it already launched its Onyx business line, a blockchain platform that reflects the banking giant’s commitment to innovation.
JPMorgen has now entered into a partnership with six Indian banks to enable transactions in US dollars via the blockchain.
Dollar transactions on the blockchain
On June 5 wrote According to Bloomberg, the powerhouse of traditional finance has linked up with HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPMorgan’s own banking unit in Gujurat (India).
Starting today, the investment bank will launch a pilot project in collaboration with these Indian banks in the coming months with the aim of completing dollar transactions in real time 24 hours a day instead of within a few days and only on weekdays.
Currently, transactions between banks can take several hours and it is also not possible to carry out transactions on weekends or public holidays.
The headquarters of the project is the Gujarat International Finance Tec-City, or GIFT City. It is India’s attempt to establish an international financial hub that can compete with Singapore and Dubai, among others.
Blockchain can save $100 billion a year
Recently in the crypto news, a report from the Global Financial Markets Association (FGMA) stated that traditional markets could discuss as much as $100 billion by adopting blockchain technology. In addition, using smart contracts to automate transactions would also save an additional 20 billion per year.
The fact that the adoption of the technology is slowly reaching out to the traditional financial world is also apparent from the news a few weeks ago, which showed that Digital Asset, together with a number of prominent names in the financial sector, is going to develop its own blockchain network, especially for financial institutions. . To this end, it joins forces with big names such as Microsoft, Goldman Sachs and Deloitte.