JPMorgan Launches Blockchain-based Interbank Platform with Indian Banks

Table of Contents

Join our community

Estimated reading time: 0 minutes

JPMorgan Launches Blockchain-based Interbank Platform with Indian Banks

JPMorgan has applied blockchain technology to streamline cross-border US dollar transactions with major Indian banks. The platform aims to provide near-instant settlements around the clock.

Expanding System Capacity Through Blockchain

JPMorgan has partnered with six major Indian banks including HDFC Bank, ICICI Bank and Axis Bank to launch a blockchain-based interbank settlement platform for US dollar transactions. The platform seeks to expand the capacity of the existing system by enabling 24/7 processing using blockchain.

Traditional interbank transactions in India can take hours to settle and are not available on weekends and holidays. JPMorgan’s blockchain pilot aims to remove these constraints by enabling instant settlements around the clock. This could help position the GIFT City in India as an alternative financial hub.

Testing the Blockchain Platform

JPMorgan will run a pilot for several months to test the banks’ experience with the platform. The pilot will launch on JPMorgan’s Onyx blockchain platform after regulatory approval. Onyx has been used to process around $700 billion in transactions since 2020. The news comes as JPMorgan strategists note signs of de-dollarization emerging. While the US dollar still dominates global reserves and export invoicing, its share is declining and the use of non-dollar currencies is growing for commodities.

Crypto is getting more and more adopted in India, be sure to check out the biggest Indian Exchange – Delta Exchange! Learn more about cryptocurrency here!


Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.