Singapore Bank Giant OCBC Joins JPMorgan’s Blockchain Network

OCBC has become the first Singapore-based bank to join JPMorgan Chase’s interbank blockchain network. According to a Business Times Singapore report on Sept. 20, a total of 134 banks from the Asia-Pacific region are now participants in JPMorgan’s blockchain-powered interbank information network (IIN). OCBC is the second-largest bank in Southeast Asia by assets and among the larger financial institutions in Asia-Pacific. 343 banks have joined JPMorgan’s network since 2018 These 134 banks comprise almost 40% of the 343 banks that have joined IIN since 2018. The network’s largest national bloc is Japan,…

Arab Bank Switzerland to Offer Bitcoin Custody and Brokerage Services

According to a report published by swissinfo.ch on September 19, 2019, Arab Bank Switzerland has joined the list of established banks which offer access to digital asset products. A New Bank in the Crypto Sphere Arab Bank Switzerland, a bank specializing in private banking and trade financing, has partnered with blockchain technology firm Taurus, to facilitate access to digital asset investments for its high net worth customers. Despite the growing interest from wealthy clients, so far banks have been cautious of offering investment services in digital assets due to regulatory…

Bank of America Joins R3’s Marco Polo Blockchain Global Trade Network

Bank of America has joined R3’s Corda-powered Marco Polo Network “to tackle trade finance challenges.” “Tackle trade finance challenges” On Sept. 19, Marco Polo announced the multinational investment bank was joining its network to improve international trade inefficiencies and deliver a better service for its customers. Geoff Brady, head of global trade at Bank of America, said: “Joining the Marco Polo Network supports our strategic objective of turning technology advances into trade solutions that address client needs. We look forward to exploring how the new technology can generate greater transparency for our…

Arab Bank Switzerland Opens Bitcoin Custody, Brokerage Services

Arab Bank Switzerland has partnered with blockchain technology firm Taurus to offer Bitcoin  (BTC) and Ether (ETH) custody and brokerage services to its clients. Swissinfo reported the development on Sept. 19.  Serge Robin, the CEO of Arab Bank Switzerland — a Swiss institution that forms part of the Jordan-headquartered Arab Bank group — said:  “We firmly believe that blockchain will disrupt the financial industry as we know it and we intend to be amongst the first banks to offer digital asset services to our clients in a secure and regulated…

Multinational German Bank Deutsche Joins JPMorgan’s Blockchain Payment Network

The multinational German investment bank, Deutsche Bank, is joining JPMorgan’s blockchain-powered cross-border payment messaging system, also known as Interbank Information Network (IIN). The aim of JPMorgan’s growing blockchain network is to counter the inefficiencies of the SWIFT payment system. SWIFT payments are cross-border transactions that are sent via SWIFT international payment network. It is one of the largest financial messaging systems in the world, which consists of 11,000 banks. IIN aims to provide a seamless way for all the involved parties to send and track their transactions. Since manual interventions…

Deutsche Bank Joins JPMorgan’s Interbank Information Network Platform

Germany’s largest bank, Deutsche Bank, has joined 320 other banks in the JPMorgan blockchain network, the Interbank Information Network (IIN). The move aims to lower cost for Deutsche Bank, which handles a vaster amount of euro payments relative to any other bank globally. This will also enhance cross-border transactions and thus avoid the costly lag periods. IIN Platform to Enhance Cross-Border Transactions According to the bank’s head of cash management globally, Ole Matthiessen, the Interbank Information Network will allow the bank to provide customers with enhanced services. He added that…

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). Two years in operation Launched as a pilot in 2017, the JPMorgan-led blockchain initiative now has a network of 320 banks that have entered the platform to swap global payments data using the Ethereum network, the Financial Times reported on Sept. 15. Takis Georgakopoulos, head of payments at JPMorgan, expressed hope that Deutsche Bank will be the first of several other large banks to join IIN. According to the report, Deutsche Bank is the world’s…

Banco Santander Becomes the First Ever Bank to Issue a Blockchain-Backed Bond

Banco Santander has announced that it has successfully issued a bond that is backed by end-to-end blockchain, and possibly revolutionizing the bond technology. The news was revealed on September 12th through a press release issued by the bank itself. As stated in the press release, the technology behind the bond consists of the Ethereum (ETH)trade blockchain. Since this is an open source technology, it ensures that the bond is tokenized and registered without facing any issues with the authorities. The cash that was required for the investment has also been…

Record Bitcoin Trade in Venezuela as Top Bank Launches Petro Services – CCN.com

Venezuelan President Nicolas Maduro is pushing for Petro adoption, but locals are buying bitcoin in record amounts. | Image: Shutterstock The largest bank in Venezuela, the state-owned Bank of Venezuela, appears to have launched services to facilitate transactions in the country’s state-issued oil-backed virtual currency, the Petro. According to Decrypt, Bank of Venezuela customers have reported a new module integrated into the management interface of their accounts to facilitate registration for a digital wallet that supports the Petro. Anecdotal reports cited by the publication describe the wallet as having limited…

New Bitcoin Trading Record as Biggest Bank Embraces Petro

Venezuela’s largest bank, the Bank of Venezuela (BDV), has added support for the country’s controversial Petro digital currency.  Bank of Venezuela hints at crypto wallet As cryptocurrency news outlet Decrypt reported on Sept. 13, BDV clients have discovered a new section in their online banking account dedicated to cryptocurrencies.  At present, the crypto wallet only caters to Petro, but as the section appears to be still under development, speculation suggests more tokens may follow. Petro, launched by the Venezuelan government, is notionally pegged to the country’s oil reserves. The United States…