JPMorgan: Ant International and JPM Coin Collaborate on Billions of Dollars in Transactions
JPMorgan has revealed in a recent report that its digital currency, JPM Coin, has successfully processed billions of dollars in transactions with Ant International, the global arm of Ant Group. Ant International, known for operating Alipay, has been a key player in facilitating cross-border mobile payments through its Alipay+ service. JPM Coin, developed using a combination of blockchain and non-blockchain elements, has been seamlessly integrated into Ant International’s digital payment ecosystem.
The report further highlights JPMorgan’s plans to increase decentralization and direct client connectivity by enabling clients to host nodes and connect directly to the JPM Coin platform. Currently, all nodes are controlled by J.P. Morgan and hosted within the bank’s infrastructure. However, this move towards client-hosted nodes aims to promote a more distributed and decentralized system.
In addition to its collaboration with Ant International, JPMorgan’s report explores the concept of programmability in commercial banking and payments. The bank’s programmable payments feature allows clients to define programmable instructions on the JPM Coin platform, enabling automatic execution based on predetermined triggers, conditions, and actions.
Ant International, as the international arm of Ant Group, offers online payment channels to over 1.2 billion buyers and 2 million sellers across more than 200 countries. With partnerships with over 70 global financial institutions, Ant International has an extensive reach in the global payment landscape. Since the inception of JPM Coin, it has seamlessly processed billions of dollars in transactions with Ant International, highlighting the successful collaboration between the two entities.