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French financial firm BNP Paribas joins JPMorgan’s Onyx transaction network REPO with bonds. This is reported by the Financial Times. The solution uses tokenized versions of US government
French financial firm BNP Paribas joins JPMorgan’s Onyx transaction network REPO with bonds. This is reported by the Financial Times.
The solution uses tokenized versions of US government bonds and JPM Coin stablecoins. Investors use assets for several hours without actually affecting their balance sheet.
The REPO contract allows you to take a short-term loan secured by securities. Legally, this is formalized as a trade.
The term of the loan and the payment period are regulated by the smart contract. It ensures that the cash is in the debtor’s account and the blocked collateral against the loan is released at the end of the transaction.
According to the FT, the bank expects to attract new entries from Europe, the UK and Asia.
Recall that JPMorgan released the Onyx solution in December 2020. According to the publication, since then its participants have processed over $300 billion in transactions.
In June 2021, the first operations on the blockchain platform were carried out by investment bank Goldman Sachs.
Later, JPMorgan, DBS, and Temasek announced the creation of a blockchain platform for interbank payments.
Source: Fork Log
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