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Singapore Bank DBS Completes Fixed Income Trade on JPMorgan's Blockchain Network Onyx
DBS said it is the first Asian bank to use Onyx network to complete a trade.
Updated May 9, 2023, 4:03 a.m. Published Nov 23, 2022, 9:26 a.m.
DBS (D05), Singapore's largest bank by market cap, said it has become the first Asian bank to use JPMorgan's (JPM) blockchain-based fixed income trading network Onyx, joining international heavyweights including Goldman Sachs (GS) and BNP Paribas (EPA).
The Onyx Digital Assets network uses tokens for short-term trading in fixed income markets, enabling investors to lend assets for a period of hours without them leaving their balance sheets.
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Trades on the repurchase – also known as "repo" – market are for the most part backed by government bonds, making it a vital source of source of collateral for banks to fund their balance sheets.
The aim of the Onyx network is to allow banks to settle such transactions in a matter of hours, as opposed to the one or two working day-period it has taken historically.
Over $300 billion of intraday repo deals have been carried out on Onyx since JPMorgan launched it in 2020.
Read more: Singapore’s DBS Explains How Big Banks Can Implement DeFi, Too
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