© Reuters. J.P. Morgan set to roll out next blockchain program
- The head of JPMorgan (NYSE:JPM) is famously not a fan of bitcoin, but feels quite differently about the technology behind it and other cryptos. The bank today is set to roll out a pilot program using blockchain to enable faster, more secure transfer of cross-border payments between JPMorgan and Royal Bank of Canada and Australia and New Zealand Banking Group, reports Emily Glazer at the WSJ.
- The program doesn’t use and won’t trade bitcoin, but it will use the technology underpinning the second-largest cryptocurrency, Ethereum.
- Processing of cross-border payments currently involves a complex web of communications between participants, and sometimes takes as long as 15 days. It’s hoped this could be cut to just a few hours.
- “God bless the blockchain,” said Jamie Dimon last week.
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