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JPMorgan and Indian Banks Join Forces to Transform Dollar Transfers with Blockchain Innovation
June 5, 2023
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Teaming up with six major Indian banks, JPMorgan plans to utilize its cutting-edge blockchain-based trading platform, Onyx, to enable real-time settlement of dollar trades.
JPMorgan Blockchain Initiative Sets New Standards
JPMorgan, the renowned investment bank, has announced a groundbreaking partnership with six major Indian banks to revolutionize interbank dollar transactions, according to a Bloomberg report on May 5.
The initiative aims to utilize JPMorgan's blockchain-based trading platform, Onyx, to enable real-time settlement of dollar trades, eliminating the need for lengthy transaction processing times that traditionally extend over several days and are limited to working week hours.
The pilot project, set to commence on Monday, involves leading Indian banks such as HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPMorgan's banking unit in Gujarat, India. This collaboration will pave the way for seamless and instant transfers of dollars between the participating banks.
The pilot project will run for several months to assess the participating banks' experience and evaluate the efficiency and effectiveness of the blockchain-based solution. Approval from the International Financial Services Center Authority has been obtained to proceed with the launch on Monday, marking a significant milestone in adopting blockchain technology within the banking industry.
The project's headquarters will be based in Gujarat International Finance Tec-City (GIFT City), a financial hub endeavoring to rival global centers like Singapore and Dubai. By enabling real-time settlement of dollar trades, this initiative aims to position GIFT City as an alternative trading center, strengthening New Delhi's position in the international financial arena.
While the pilot project will initially focus on dollar transfers, the long-term vision includes expanding the platform's capabilities to support foreign exchange transactions and enable settlements for tokenized assets.
As JPMorgan embarks on this innovative initiative, it signals a pivotal moment in the ongoing evolution of the banking industry, embracing the transformative power of blockchain technology to reshape the future of finance.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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Chainlink CCIP Opens Doors for BNB Chain Devs
September 29, 2023
As per reports, BNB Chain developers can now seamlessly expand their decentralized applications while ensuring safety and user-friendliness across multiple blockchains.
Chainlink CCIP Launches on BNB Chain
Chainlink's Cross-Chain Interoperability Protocol (CCIP) makes its debut on BNB Chain on ept. 29, giving developers a new avenue to expand their decentralized applications (DApps) across CCIP-connected blockchains.
As per a recent statement, developers on BNB Chain can now benefit from customizable rate limits on token transfers, enhancing control and risk management within their applications. The introduction of a dedicated Risk Management Network would add an extra layer of vigilance, continuously monitoring the validity of cross-chain transactions. This integration not only unifies liquidity but also promises a superior user experience across different blockchains, all within a secure and trusted environment.
Further, leveraging the robust infrastructure of Chainlink Data Feeds, this protocol opens up possibilities for developers looking to tap into the BNB Chain ecosystem.
Chainlink has also recently launched on BASE after previously implementing on Ethereum, Polygon, Avalanche, Optimism, and Arbitrum into its protocol.
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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