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Finance

JPMorgan, 6 Indian Banks to Settle Dollar Trades on Onyx Blockchain System: Bloomberg

The aim of the project is to settle dollar trades in real time around the clock as opposed to over a matter of days and only during the working week

By Jamie Crawley
AccessTimeIconJun 5, 2023 at 9:35 a.m. UTC
(Shutterstock)
(Shutterstock)

JPMorgan (JPM) has teamed up with six Indian banks to settle interbank dollar transactions on its blockchain-based trading platform, Onyx, Bloomberg reported on Monday.

The investment bank will run a pilot project over the coming months alongside HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPM's own banking unit in Gujurat, India.

The aim of the project, which starts today, is to settle dollar trades in real time around the clock as opposed to over a matter of days and only during the working week. Onyx, established in 2020, is the banking giant's digital assets network for settling wholesale payment transactions.

The headquarters for the project is the Gujurat International Finance Tec-City, or GIFT City, which is India's attempt to establish an international finance hub to rival the likes of Singapore and Dubai.

JPMorgan did not immediately respond to CoinDesk's request for comment.

Read More: India Targeting One Million CBDC Users in Three Months, Prioritizing Offline Transfers: Sources

Edited by Sheldon Reback.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter