To date, only clients of JP Morgan used its JPM Coin, mainly for cross border payments. Now Bahrain’s Bank ABC has soft-launched instant blockchain-based payments using JP Morgan’s Coin Systems. The solution will initially be used for Bahrain and US payment corridors, as well as the UK, Singapore and Hong Kong.
JP Morgan described it as a “first of its kind commercial payment offering between J.P. Morgan and Bank ABC using distributed ledger rails. This enables cross-border commercial transactions to be executed between Bahrain and US corridors instantly, atomically and with certainty,” said Naveen Mallela, Global Head of Onyx Coin Systems.
In early 2022 the Central Bank of Bahrain (CBB) announced a trial of JPM Coin in conjunction with Bank ABC and its client Aluminium Bahrain (ALBA). It aimed to enable ALBA to make real-time US dollar payments to suppliers in the United States that have JP Morgan bank accounts.
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