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 May 9, 2023 at 4:03 a.m. UTC

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.

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  • 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

    Jamie Crawley is a CoinDesk news reporter based in London.


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