Today Stephanie Lok of Onyx by JP Morgan revealed that the Onyx blockchain has now processed more than $1 trillion in notional transactions. It follows the revelation earlier this week that its blockchain handles up to $2 billion in transactions daily. The biggest announcement during the Tokenize This conference is that JP Morgan plans to open its permissioned blockchain to allow third parties to deploy apps. That would also enable others to tokenize assets on the JP Morgan blockchain.
JPM Coin Systems, the blockchain-based account solution, is the highest profile Onyx offering. However, it has a separate group focused on Onyx Digital Assets, the area where it wants to partner with third parties. In late 2020 it unveiled an intraday repo solution (Onyx digital financing) with Goldman Sachs as a participant. Last year its Tokenized Collateral Network launched with BlackRock and Barclays as partners. The Onyx digital debt servicing offering went live last week with the issuance of a blockchain-based municipal bond by the City of Quincy near Boston.
Next up is funds.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
