JPMorgan Completes Blockchain-Based Cross-Border Payments Pilot with First Abu Dhabi Bank
JPMorgan’s blockchain platform, Onyx Coin Systems, has successfully completed a pilot project for cross-border payments with First Abu Dhabi Bank (FAB). The pilot phase was executed smoothly and received satisfactory response times. FAB is now exploring the opportunities that the Onyx system offers. This comes after a similar test was conducted in Bahrain by Bank ABC, which proceeded to a limited launch of services using the Onyx system.
Onyx Continues to Gain Momentum
JPMorgan’s permissioned distributed ledger, Onyx, was launched in 2020 and has been gaining momentum in recent months. The platform currently processes between $1 billion and $2 billion in transactions per day. Besides its expansion in the Middle East, Onyx has also been used for euro-denominated payments in Europe since June. In addition, it facilitated interbank USD settlements in India with a consortium of six banks.
Tokenization Collateral Network
On October 11, JPMorgan settled the first public trade on its Tokenization Collateral Network. This network also operates on the Onyx blockchain. The trade involved the tokenization and deposit of money market fund shares at Barclays Bank as security for a derivatives exchange between JPMorgan and BlackRock.
Hot Take: JPMorgan’s Onyx Continues to Make Strides in Blockchain-Based Payments
JPMorgan’s blockchain platform, Onyx Coin Systems, is making significant progress in the world of cross-border payments. With successful pilot projects completed with First Abu Dhabi Bank and Bank ABC, Onyx is proving its capabilities in seamless transaction processing. Moreover, the platform’s expansion into Europe and India further demonstrates its growing influence. The recent settlement of the first public trade on the Tokenization Collateral Network showcases the potential for tokenization in the financial industry. JPMorgan’s Onyx is undoubtedly becoming a leading player in blockchain-based payments.
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