Coindesk Logo

India's Largest Bank Joins JPMorgan's Blockchain Payments Network

India's Largest Bank Joins JPMorgan's Blockchain Payments Network

India's Largest Bank Joins JPMorgan's Blockchain Payments Network

Liink, JPMorgan’s blockchain banking network, is based on a fork of Ethereum.

Liink, JPMorgan’s blockchain banking network, is based on a fork of Ethereum.

Liink, JPMorgan’s blockchain banking network, is based on a fork of Ethereum.

AccessTimeIconFeb 23, 2021, 10:00 AM
Updated May 15, 2023, 1:38 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

State Bank of India (SBI) is joining JPMorgan's blockchain payments network to bring more efficient international payments to users.

  • The public sector bank, India's largest by various metrics, will use JPMorgan’s blockchain platform to help accelerate cross-border payments and reduce costs, according to an Economic Times report Tuesday.
  • Dubbed Liink, the blockchain network is based on a fork of Ethereum and has already been integrated by around 100 banks.
  • Liink was designed to connect banks in a peer-to-peer fashion and help remove inefficiencies from cross-border payments and other functions.
  • SBI expects the time for transactions to be reduced to several hours from up to a fortnight previously, sources told the Economic Times.
  • “We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JP Morgan on implementation and exploring application as part of the network to better serve our clients,” Venkat Nageswar, deputy managing director of international banking at SBI, told the publication.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.