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With the first Abu Dhabi bank, JPMorgan's Onyx Coin Systems Concludes a Blockchain-Based Cross-Border Payments Pilot
Onyx Coin Systems, a blockchain-based platform developed by JPMorgan, facilitates expeditious and secure international transactions as well as additional financial provisions. The company has recently concluded pilot initiatives involving banks in Europe, the Middle East, and India. Additionally, it took part in the inaugural public offering of shares of tokenized money market funds.
At the request of First Abu Dhabi Bank (FAB), JPMorgan's Onyx Coin Systems has reportedly concluded a pilot programme for blockchain-based cross-border payments (Cointelegraph). A statement states that the pilot phase was executed without incident and with satisfactory response times. This occurs several weeks after a comparable trial conducted in Bahrain, where Bank ABC proceeded with a limited launch of services while testing the Onyx system. FAB stated that it continued to investigate the potential benefits that the system provides.
In recent months, JPMorgan's permissioned distributed ledger, which debuted in 2020, has gained traction. Earlier this month, Tyrone Lobban, director of digital assets and blockchain for JP Morgan Onyx, estimated that the platform processes between $1 billion and $2 billion per day. Alongside its growth in the Middle East, Onyx was introduced in June for euro-denominated transactions in Europe and interbank USD settlements in India in collaboration with a consortium of six institutions.
The inaugural public transaction executed on JPMorgan's Tokenization Collateral Network, which operates on the Onyx blockchain, was finalised on October 11. Tokenized money market fund shares were deposited at Barclays Bank as collateral for a JPMorgan and BlackRock derivatives exchange. In June, Mastercard declared its intention to conduct trials of its Multi Token Network, while Citigroup debuted Citi Token Services in September. Project Guardian included JPMorgan as a participant, alongside DBS Bank and Marketnode. The Bank for International Settlements and the Monetary Authority of Singapore collaborated on the June-completed initiative. It entailed the formation of a liquidity pool comprised of tokenized deposits and bonds that could be utilised for lending and borrowing. Recently, Jamie Dimon, chief executive officer of JPMorgan, voiced his firm conviction regarding artificial intelligence while disparaging cryptocurrencies as "decentralised Ponzi schemes."
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