JPMorgan trials private blockchain for collateral settlement
JPMorgan Chase & Co. trial its private blockchain for collateral settlement. The bank plans to allow investors to use several assets as collateral
By Shashank Bhardwaj
JPMorgan Chase & Co. is reportedly trialing the use of private blockchain for collateral settlement. The multinational investment bank performed a pilot transaction where two of its entities transferred the tokenised representation of BlackRock Inc. (the world's largest asset manager) money market fund shares as collateral on its private blockchain on Friday, May 20. The initiative will allow investors to pledge and use a broader range of assets as collateral outside of market hours.
Ben Challice, the global head of trading services for JP Morgan, noted that the transaction mentioned above achieved “the friction-less transfer of collateral assets on an instantaneous basis.”
A money market fund is a mutual fund that invests in liquid and short-term assets such as cash, cash equivalents, and high-quality debt securities. It is regarded as a low-risk investment.
This news comes just days after it was revealed that the French bank BNP Paribas had joined the blockchain-powered network overseen by JPMorgan to use digital tokens for short-term trading in fixed income markets, thereby entering a $12 trillion market.
As a counterparty, Blackrock was not directly involved in the transaction. According to Ben Challice, JPMorgan's global head of trading services, Blackrock has been "heavily involved since day one and is exploring the use of this technology.” The bank added that it plans to expand its efforts to include equities, fixed income, and other asset types over the next few months.
JPMorgan has been involved in blockchain for several years and has developed a number of products. In October 2020, JPMorgan launched Onyx Digital Assets (ODA), which is a “blockchain-based network that enables the processing, recording, and Delivery-versus-Payment (DVP) exchange of digital assets across asset classes." BNP Paribus conducted its first trade with the help of the ODA earlier this week.
BNB Paribus Global Markets managing director and head of US repo trading and sales Christopher Korpi agreed on blockchain's significance in streamlining processes. He said, “Tokenized assets and Onyx Digital Assets will allow precise intraday liquidity management. As such, they could be foundational to adding velocity to collateral, security settlement and ultimately decreasing systemic risks by reducing intraday credit. Onyx Digital Assets will further reinforce the intraday fungibility of UST and USD Cash.”
While it is unclear whether JPMorgan used the ODA in this case, the network is readying itself for the exchange of cash for various types of tokenised collateral, allowing intraday liquidity and providing access to the bank's digital payment infrastructure and token JPM Coin.
Tyrone Lobban, head of JPMorgan's Blockchain Launch and the ODA, stated, "There will be a growing set of financial activities that happen on the public blockchain, so we want to make sure that we are able to not only support that but also be ready to provide related services."
The bank also stated that it plans to allow investors to submit various assets as collateral, which can also be used outside of regular market hours as a part of its broader vision for its private blockchain. The bank particularly mentioned equities and fixed income.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Paris Hilton invests in Afterparty's new NFT ticketing platformRead More..
Ridley Scott to Make a Movie on EthereumRead More..
Russia to include cryptocurrencies in its updated tax lawsRead More..
40 crypto companies sign open letter to EU regulatorsRead More..
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Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..