Broadridge Blockchain Repo Platform Is Averaging $31B a Day

Most transactions originate from banks in the U.S. and Europe.

Jun 15, 2021 at 2:54 p.m. UTC
Updated Sep 14, 2021 at 1:11 p.m. UTC

Global fintech company Broadridge's blockchain-based repurchase agreement (repo) platform has been handling an average of $31 billion in trading volume a day since its launch last week.

  • Transactions on the platform launched June 7 originate mostly with banks in the U.S. and Europe, according to a press release on Monday.
  • Repos are short-term loans in which one institution sells securities to another with the agreement to buy them back at a slightly higher price.
  • The platform was built on the VMWare blockchain using the DAML programming language. Horacio Barakat, Broadridge's head of digital innovation, said it was built to be interoperable with other ledgers, though not public blockchains such as Ethereum because many of those blockchains don't have the scalability to manage the required volume.
  • Distributed ledger technology has also been harnessed for repo trades by investment banking giant JPMorgan, whose blockchain arm Onyx developed a platform in December to complete live intraday transactions.

 CORRECTION (JUNE 15, 15:00 UTC): Corrects headline figure to billion from million

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos.

Aversion to risk remains as volatility returns to stocks and cryptos.

CoinDesk - Unknown