Bitcoin
$42,487.51-5.04%
Ethereum
$2,915.96-7.38%
XRP
$0.935827-6.28%
Cardano
$2.26-0.62%
Polkadot
$30.57-6.87%
Stellar
$0.280533-6.81%
Dogecoin
$0.208708-6.43%
Chainlink
$22.89-9.57%
Uniswap
$19.82-8.31%
Cosmos
$40.42-4.93%
Polygon
$1.13-7.93%
Algorand
$1.81-10.57%
Litecoin
$149.87-8.41%
Bitcoin Cash
$509.59-7.62%
Wrapped Bitcoin
$42,492.79-4.88%
The Graph
$0.710328-3.44%
Filecoin
$63.40-14.67%
Tron
$0.092478-6.14%
Ethereum Classic
$47.27-7.36%
Tezos
$6.93+7.42%
Aave
$280.78-8.45%
Monero
$233.40-6.11%
NEO
$39.44-10.13%
EOS
$4.02-7.97%
IOTA
$1.26-8.45%
BitTorrent
$0.003282-6.28%
Waves
$26.17+5.67%
Bitcoin SV
$135.90-6.86%
Maker
$2,293.73-9.41%
Dash
$165.16-9.76%
Decred
$114.67-4.79%
Decentraland
$0.698785-5.82%
ICON
$1.58-6.11%
NEM
$0.148536-8.09%
Zcash
$110.01-10.65%
OmiseGO
$9.10-6.10%
Paxos Standard
$1.01-0.13%
NuCypher
$0.272263-8.79%
Yearn Finance
$28,541.60-8.93%
Qtum
$9.88-8.44%
Bitcoin Gold
$52.00-5.35%
Ren
$0.988106+12.61%
Basic Attention Token
$0.648580-8.02%
0x
$0.910634-7.58%
Fetch.ai
$0.773717-5.62%
Kava.io
$5.91+2.04%
Bancor
$3.43-7.11%
Band Protocol
$7.39-7.24%
Siacoin
$0.015013-8.68%
Nano
$4.72-8.37%
Loopring
$0.381406-7.83%
Civic
$0.472195-7.89%
Storj
$1.09-7.52%
Numeraire
$41.70-3.29%
Lisk
$2.82-8.46%
Orchid
$0.321207-7.89%
PAX Gold
$1,758.14+0.04%
Enzyme
$135.74-8.56%
Augur
$20.71-9.18%
Aragon
$4.72-8.90%
district0x
$0.147552-9.93%
Kyber Network
$1.44-8.33%
SingularDTV
$0.001306-5.02%
Tether
$1.00+0.00%
USD Coin
$1.00-0.02%
Dai
$1.00+0.01%

JPMorgan Completes Live Blockchain Repo Trade Ahead of New Product Launch

The live repo trade used a blockchain application built in-house, as well as the bank's jpm coin.

Dec 10, 2020 at 2:42 p.m. UTC
Updated Sep 14, 2021 at 10:41 a.m. UTC

Investment bank JPMorgan says it has completed a live intraday repo transaction using a blockchain solution that will soon see a commercial launch.

  • The repo trade was carried out between JPMorgan’s broker-dealer and banking entity, the bank announced Thursday.
  • The blockchain application used was developed in-house by the bank's blockchain business arm, Onyx, and is said to support the settlement and maturity of such transactions in hours rather than days.
  • The trade also used the bank's stablecoin jpm coin for the cash leg. Blockchain was used for both collateral and cash legs.
  • For context, the repo market allows financial firms such as JPMorgan to trade large quantities of securities and to borrow cheaply – allowing parties with cash to earn a small return.
  • Repo trades are like a short-term loan, involving a trader selling an asset to another trader at a set price and committing to repurchase the same asset, or part of the asset, at a different price at a future date.
  • The blockchain app will see production use, being offered to external counterparties in the U.S., according to the announcement.
  • Goldman Sachs and BNY Mellon have both been involved in trial trades on the platform and will be involved going forward.
  • Mathew McDermott, global head of digital assets at Goldman Sachs, said his institution is "looking forward to going live in early 2021."
  • Brian Ruane, CEO of BNY Mellon Clearance & Collateral Management, said his bank would be a "critical partner for JPMorgan to provide much-needed collateral services to market participants looking to execute intraday repo transactions."

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...