JP Morgan Launches DLT Payment System, Pushing Ripple Slightly Aside

Tue, 09/25/2018 - 12:53

Around 75 banks are partnering with the JP Morgan giant to join its Interbank Information Network (IIN). This Blockchain-powered platform has been on trials a year now

JP Morgan Launches DLT Payment System, Pushing Ripple Slightly Aside

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Around 75 banks are partnering with the JP Morgan giant to join its Interbank Information Network (IIN). This Blockchain-powered platform for cross-border payments has been on trials for almost a year now. Among the partners are Societe Generale and Santander. The latter is also the customer of the competing Ripple payment system.

JP Morgan’s reps state that their system is a response to major crypto startups, like Ripple or Stellar, that are now spreading their arms around the global system of banks, offering their products to make overseas payments fast and low-cost using their tokens. JP Morgan’s solution does not use crypto.

About the author

Yuri Molchan

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.