Germany's largest bank joins JPMorgan's blockchain network

Germany's largest bank, Deutsche Bank, has joined JPMorgan's blockchain-based network, the Interbank Information Network (IIN).

According to the Financial Times report, JPMorgan-led blockchain project IIN was launched in 2017 and currently has a network of 320 banks that have joined the platform to exchange global payment data using the Ethereum network.

The IIN network is based on JPMorgan's developed Quorum platform, aimed at addressing the key challenges of interbank information sharing and speeding up receipt transactions, with Quorum being based on the Ethereum blockchain.

However, these 320 banks are not considered major banks within each country, so JPMorgan's Takis Georgakopoulos hopes Deutsche Bank will be the first among several other major banks to join IIN. Globally, Deutsche Bank is the largest in terms of euro-denominated payment clearing.

IIN will enable Deutsche Bank to provide better customer service, according to Ole Matthiessen, global head of cash management at the bank, and hopes IIN will reduce the cost of processing difficult payments.

According to a report, JPMorgan is expected to pilot its own cryptocurrency JPM Coin by the end of 2019. Recently, JPMorgan CEO expressed support for the controversial crypto project Libra, claiming that stablecoins will not pose a threat to banks. Meanwhile, as one of the 26 global central banks, Deutsche Bank will meet with the founders of the Libra project to discuss financial stability risks in Switzerland.

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