Starting next month, Onyx by JP Morgan will enable its JPM Coin tokenized deposit solution to be used for on-chain settlement for Broadridge’s Distributed Ledger Repo (DLR) platform. Synchronizing the two blockchain networks will enable delivery versus payment for intraday repo transactions.
“We are delighted to launch our synchronised settlement solution using JPM Coin through our work with Broadridge,” said Nelli Zaltsman, head of platform settlement solutions at Onyx. “At Onyx, we look to be the foremost provider of Cash-on-Chain solutions to existing and steadily growing digital asset platforms globally.”
This initiative marks the first use of JPM Coin to settle on-chain transactions not executed on the Onyx blockchain. However, Vodafone’s blockchain subsidiary PairPoint recently mentioned integrating with JPM coin.
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