Yesterday Bloomberg reported that Goldman Sachs has joined JP Morgan’s Repo blockchain network. First unveiled in December, the Repo blockchain sits within JP Morgan’s Onyx division, home to multiple blockchain offerings. Goldman is the first bank to say it’s using the enterprise blockchain network, with BNY Mellon providing custody.
The initial transaction involved exchanging a US treasury bond for the JPM Coin, a tokenized form of money that sits in a JP Morgan bank account. Three hours and five minutes later, the reverse leg of the transaction happened. Instant settlement is the key differentiator, which enables intraday transactions and interest is paid by the minute.
“We see this as a pivotal moment for the digitization of transactional activity,” said Mathew McDermott, Goldman Sachs’s head of digital assets.
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