JP Morgan Chase and Bank of India to settle dollar transactions based on blockchain platform

Author: forkast; Compiler: Songxue, Jinse Finance

JPMorgan Chase & Co. has launched a pilot project with India's top private bank to settle interbank U.S. dollar transactions through its blockchain platform Onyx, Bloomberg reported.

The pilot, reportedly launched on Monday with India's HDFC Bank, ICICI Bank, Axis Bank, Yes Bank and IndusInd Bank, aims to provide real-time transaction settlement around the clock, including weekends and public holidays.

The current settlement system can take several hours to complete a transaction. JPMorgan and six Indian banks hope to solve this problem by providing a faster, real-time alternative through blockchain technology.

JPMorgan is also working with the Monetary Authority of Singapore and DBS to explore blockchain use cases in the financial sector, such as tokenization and decentralized finance (DeFi) for institutions.

Last year, Onyx, JPMorgan’s blockchain arm, announced its goal of bringing trillions of dollars of tokenized assets into DeFi for institutional-scale trading, lending and lending.