JPMorgan, 6 Indian banks partner to settle USD transactions on blockchain

Specifically designed for the settlement of wholesale payment transactions, Onyx, established in 2020, serves as JPMorgan’s digital asset network

Investment bank JPMorgan, to settle interbank transactions in dollars using its blockchain-based trading platform, Onyx, has partnered with six major Indian banks.

The pilot project involving HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPMorgan’s own banking unit in Gujarat, India is set to start on Monday.

Enabling real-time settlement of dollar trades is reportedly the main goal of this initiative, thereby eliminating the need for long transaction processing times that typically span several days, and are limited to weekly hours.

The project’s headquarters, which competes with renowned global financial centers such as Singapore and Dubai, will be located in the Gujarat International Finance Tec-City (GIFT City) – an effort to establish an international financial hub.

Specifically designed for the settlement of wholesale payment transactions, Onyx, established in 2020, serves as JPMorgan’s digital asset network.

By facilitating the exchange of value, information and digital assets, Onyx has played a role in building the world’s first bank-led blockchain platform.

In the future, the project could potentially support currency transactions and enable settlements for tokenized assets.

Despite a slowdown in crypto markets and regulatory uncertainty across countries, JPMorgan has actually remained steadfast in its plan to tokenize traditional financial assets.

In short-term loans at Onyx, the bank has processed almost 700 billion dollars in transactions.

The report described Onyx as a “permissioned version of Ethereum” where the bank’s customers can trade tokens that “indicate ownership rights to US Treasury bonds as well as use blockchain bank accounts.”

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