Success in the Middle East
JPMorgan’s Onyx Coin Systems is making waves across the stunning landscapes of the Middle East, having just completed a successful pilot project for blockchain-based cross-border payments with First Abu Dhabi Bank (FAB). The bank confidently declared that the pilot phase was executed with “satisfactory response times,” letting out a collective sigh of relief amongst the tech enthusiasts.
Continuing Expansion and Exploration
This successful pilot doesn’t just stop here; FAB is keeping the door wide open for exploring new opportunities that the Onyx system has to offer and is expected to continue this demanding endeavor. Hot on the heels of this triumph, the pilot with FAB concluded only a few weeks after a similar initiative took place in Bahrain, where Bank ABC was doing its own test on the Onyx system and bravely moved to a limited launch.
Impressive Figures
JPMorgan’s permissioned distributed ledger has been garnering increased traction since its release in 2020, and the numbers are nothing less than staggering. Tyrone Lobban, head of JP Morgan Onyx digital assets and blockchain, recently disclosed that the platform is now processing a whopping $1 billion to $2 billion daily. Clearly, the digital assets arena is not just a passing trend; it’s here to stay!
Broader Applications Across the Globe
But wait, there’s more! Besides the Middle East, Onyx has been flexing its muscles in Europe with euro-denominated payments since June. The platform also made a splash by launching U.S. dollar settlements in India with a consortium of six banks. Can we say world domination? Well, maybe not yet, but they’re definitely making a mark!
A Busy Month for JPMorgan
October has been eventful for JPMorgan. The first public trade was settled on the new Tokenization Collateral Network, a system running on the Onyx blockchain. In this transaction, money market fund shares were tokenized and cleverly deposited at Barclays Bank as security for a derivatives exchange involving none other than JPMorgan and BlackRock. This sounds like a plot twist in a high-stakes financial thriller!
Mastercard, Citigroup, and the Crew
It’s not just JPMorgan getting in on the action. Mastercard began testing its Multi Token Network in June, while Citigroup rolled out its Citi Token Services in September. This isn’t a race, but everyone seems to be gunning for the finish line!
Conclusion: The Future of Finance
As the digital finance world continues to evolve, with players like JPMorgan leading the charge, it’s an exciting time to witness how this technology reshapes cross-border transactions. Meanwhile, JPMorgan CEO Jamie Dimon voiced his optimism for artificial intelligence while expressing skepticism about cryptocurrencies, likening them to “decentralized Ponzi schemes.” Talk about mixed signals!
+ There are no comments
Add yours