Deutsche Bank has joined banking rival JPMorgan Chase’s blockchain project Interbank Information Network (IIN), according to a report by the Financial Times.
The IIN, which is a network of 320 banks, enables its members to exchange international payments-related information on a blockchain. Until this point, the majority of the network members were smaller banks and JPMorgan clients.
“Having Deutsche join — and hopefully Deutsche will be the first of several other large banks — is going to help us drive towards ubiquity and ubiquity is a prerequisite for the success of the network,” Takis Georgakopoulos, JPMorgan Head of Payments, said.