JPMorgan partners with six Indian banks to trial blockchain-based U.S. dollar settlement JPMorgan blockchain settlements
- JPMorgan, the largest bank by assets under management in the U.S., has formed a new partnership with six major Indian banks to launch a pilot program designed to test a blockchain-based platform for the settlement of interbank dollar transactions.
This development comes as New Delhi is attempting to position GIFT City as an international financial hub and alternative trading center to places like Singapore and Dubai. As part of this effort, the Reserve Bank of India has also started a domestic non-deliverable forward market settled in dollars at GIFT City.
“By leveraging blockchain technology to facilitate transactions on a 24x7 basis, processing is instantaneous and enables GIFT City banks to support their own time-zone and operating hours,” said Kulkarni.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JPMorgan CEO Jamie Dimon has no plans to run for office, company saysThe bank’s comment comes after billionaire hedge fund manager Bill Ackman said last week Jamie Dimon should run for president in the next U.S. elections
Read more »
Indian railways official says error in signaling system led to crash that killed 275 peopleAn Odisha government statement revised the death toll to 275.
Read more »
Indian railways official says error in signaling system led to crash that killed 275 peopleAn Odisha government statement revised the death toll to 275.
Read more »
Indian railways official says error in signaling system led to crash that killed 275 peopleAn Odisha government statement revised the death toll to 275.
Read more »
Indian railways official says error in signalling system led to crash that killed 275 peopleThe derailment in eastern India that killed 275 people and injured hundreds was caused by an error in the electronic signalling system that led a train to wrongly change tracks and crash into a freight train, officials said Sunday.
Read more »
Indian railways official says error in signaling system led to crash that killed over 300 peopleThe derailment in eastern India that killed more than 300 people and injured hundreds was caused by an error in the electronic signaling system that led a train to wrongly change tracks and crash into a freight train, officials said Sunday.
Read more »