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JPMorgan, 6 Indian Banks to Settle Dollar Trades on Onyx Blockchain System: Bloomberg
The aim of the project is to settle dollar trades in real time around the clock as opposed to over a matter of days and only during the working week
Updated Jun 5, 2023, 9:35 a.m. Published Jun 5, 2023, 9:35 a.m.
JPMorgan (JPM) has teamed up with six Indian banks to settle interbank dollar transactions on its blockchain-based trading platform, Onyx, Bloomberg reported on Monday.
The investment bank will run a pilot project over the coming months alongside HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPM's own banking unit in Gujurat, India.
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The aim of the project, which starts today, is to settle dollar trades in real time around the clock as opposed to over a matter of days and only during the working week. Onyx, established in 2020, is the banking giant's digital assets network for settling wholesale payment transactions.
The headquarters for the project is the Gujurat International Finance Tec-City, or GIFT City, which is India's attempt to establish an international finance hub to rival the likes of Singapore and Dubai.
JPMorgan did not immediately respond to CoinDesk's request for comment.
Read More: India Targeting One Million CBDC Users in Three Months, Prioritizing Offline Transfers: Sources
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