J.P. Morgan, blockchain Collaborated with six Indian banks to handle interbank dollar transactions on Onyx-based trading platform.
BloombergAccording to the news of JP Morgan, in the coming months HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPM will run a pilot project together with Onyx, its banking unit based in Gujurat, India.
It was stated that the purpose of this project is to handle dollar trading transactions in real time, at all hours of the day, not limited to a certain time.
Kaustubh Kulkarni, Vice President of Asia Pacific, JP Morgan said:
“We will run a pilot project over the next few months as we need to analyze the experience of banks.
Banks include HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Yes Bank Ltd., in addition to JPMorgan’s own banking unit in GIFT City. and top private banks such as IndusInd Bank Ltd will also be involved in the project.”
Kulkarni has launched JPMorgan’s blockchain platform after the pilot project was approved by the International Financial Services Center Authority. onyx He said it will be launched on Monday.
Founded in 2020, Onyx is the digital asset network used by banking giant JP Morgan to process wholesale payments.
*Not investment advice.
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