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India-based SBI joins JP Morgan's blockchain network

Monday 1 March 2021 13:39 CET | News

India-based bank SBI has partnered with JP Morgan in order to use its blockchain technology for cross-border transactions.

 

The platform, named Liink, is used for secure peer to peer transfers, reducing the time required for a transfer. According to The Tech Portal, this should help SBI expand its offerings, making it one of the first banks in India to go live on the network.

This comes off the back of a growth in the value of Bitcoin and other cryptocurrencies, helping in taking blockchain mainstream. However, India’s banking regulator, the RBI, may be looking to use blockchain in a different manner, and develop a ‘digital rupee’, with the government considering a possible ban on all other private cryptocurrencies.


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Keywords: partnership, banks, blockchain, cross-border payments
Categories: Banking & Fintech | Payments General
Countries: India
This article is part of category

Banking & Fintech






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