A recent report from JPMorgan reveals that JPM Coin has effectively managed transactions worth billions of dollars in collaboration with Ant International, the global subsidiary of Ant Group, which operates Alipay.
The report underscores JPMorgan’s strategic initiatives to enhance decentralization and direct client engagement through client-hosted blockchain nodes currently overseen by the bank.
Titled “Application of Programmability to Commercial Banking and Payments,” the report, jointly developed with the Massachusetts Institute of Technology Digital Currency Initiative and Onyx Coin Systems at J.P. Morgan, explores the integration of programmability in commercial banking and payments. It showcases practical applications from JPM Coin and Programmable Payments, operational products under Onyx by J.P. Morgan.
JPM Coin leverages a hybrid architecture combining blockchain and non-blockchain elements within the JPM Coin platform. The blockchain components are based on Quorum, a platform compatible with Ethereum’s virtual machine (EVM) and aligned with the Enterprise Ethereum specification maintained by the Enterprise Ethereum Alliance. Presently, the blockchain operates as a proprietary platform managed solely by J.P. Morgan, with all nodes hosted within its infrastructure. However, the report outlines future plans for clients to host nodes independently and directly interface with the JPM Coin platform.
The programmable payments feature by JPMorgan empowers clients to define automated instructions on the JPM Coin platform, encompassing event triggers, conditions, and subsequent actions.
Ant International, the global digital payment and financial technology provider, functions as the international arm of Ant Group, the entity behind Alipay. Ant International introduced Alipay+, a service facilitating cross-border mobile payments via local e-wallets across Alipay’s extensive network. This service spans 25 digital wallets and serves 88 million merchants in 57 markets. Despite its spin-off from Alibaba in 2011, Ant Group maintains robust ties with its parent company.
The report highlights Ant International’s collaboration with over 70 global financial institutions, offering online payment gateways to 1.2 billion buyers and 2 million sellers across more than 200 countries. It serves major global merchants and all affiliates of Alibaba.
Since its inception, JPM Coin has seamlessly processed substantial transaction volumes alongside Ant International. This partnership underscores significant advancements in digital payments and blockchain integration.
Your thoughts on JPMorgan Coin’s extensive transaction capabilities with Ant International are welcomed in the comments section below.
