JPMorgan's Onyx Scores Another Win with Successful Blockchain Pilot Project with FAB
Summary:
JPMorgan's Onyx Coin Systems has successfully completed a blockchain-based overseas payment trial project with First Abu Dhabi Bank (FAB). The system is gaining momentum and currently handles $1-2 billion daily. Beyond the Middle East, Onyx has been utilized for transactions in Europe and India. Recently, the first public trade was settled on JPMorgan’s new Tokenization Collateral Network using the Onyx Blockchain. Other key participants in the blockchain realm include Mastercard with its Multi Token Network, Citigroup's Citi Token Services, and JPMorgan participating in Project Guardian.
In a recent advancement in the Middle East, JPMorgan's Onyx Coin Systems successfully finalized a blockchain-based overseas payment trial venture with First Abu Dhabi Bank (FAB). As per a release, the pilot stage was accomplished flawlessly with pleasing reaction times. Coming weeks after a similar examination with Bank ABC in Bahrain, the FAB experiment showed the bank's continued interest in the potential benefits offered by the Onyx system. Unveiled in 2020, JPMorgan's blockchain network has been gathering momentum, and currently handles between $1 billion to $2 billion daily, as stated by Tyrone Lobban, the head of JP Morgan Onyx Digital Assets & Blockchain.
The Onyx system has not only seen increased use in the Middle East but has also facilitated euro transactions in Europe since June. Moreover, it coordinated dollar interbank payments in India via a group of six banks. On October 11th, the first ever open trade was settled on JPMorgan’s novel Tokenization Collateral Network, also powered by the Onyx blockchain. This trade involved the tokenization and depositing of money market fund shares at Barclays Bank, to be used as collateral for a derivatives trade between JPMorgan and BlackRock.
In related developments, Mastercard started testing its Multi Token Network in June and Citigroup launched its Citi Token Services in September. JPMorgan also took part in Project Guardian alongside DBS Bank and Marketnode. Supervised by the Monetary Authority of Singapore and Bank for International Settlements, this project focused on creating a reserve of tokenized bonds and deposits for lending and borrowing purposes. Speaking recently, JPMorgan CEO Jamie Dimon affirmed his unwavering faith in artificial intelligence and described cryptocurrencies as "unregulated pyramid schemes".
Published At
10/11/2023 9:21:13 PM
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