Singapore Bank DBS Completes Fixed Income Trade on JPMorgan's Blockchain Network Onyx

DBS said it is the first Asian bank to use Onyx network to complete a trade.

AccessTimeIconNov 23, 2022 at 9:26 a.m. UTC
Updated Nov 23, 2022 at 3:23 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

DBS (D05), Singapore's largest bank by market cap, 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, enabling investors to lend assets for a period of hours without them leaving their balance sheets.

Trades on the repurchase – also known as "repo" – market are for the most part backed by government bonds, making it a vital source of source of collateral for banks to fund their balance sheets.

The aim of the Onyx network is to allow banks to settle such transactions in a matter of hours, as opposed to the one or two working day-period it has taken historically.

Over $300 billion of intraday repo deals have been carried out on Onyx since JPMorgan launched it in 2020.






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Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.