2022-11-24 14:29:23
DBS completes deal in JPMorgan Onyx blockchain network
DBS said it is the first Asian bank to use the Onyx network, on a JPMorgan (JPM) blockchain, to make a transaction...
DBS (D05), Singapore's largest bank by market capitalization, 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, allowing investors to lend assets for a few hours without leaving their balance sheet.
Transactions in the repurchase market, also known as "repos," are mostly backed by government bonds, making it a vital source of collateral for banks to fund their balance sheets.
The goal of the Onyx network is to allow banks to conduct such transactions within hours, as opposed to the one or two business days that were previously required.
Since JPMorgan launched Onyx in 2020, more than $300 billion in intraday repo transactions have been made.
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