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JP Morgan Executes Repo Trade with Blockchain

JP Morgan has executed a repo trade using an in-house blockchain application following successful simulations with Goldman Sachs and BNY Mellon. The intraday repo trade was settled instantly on the Onyx blockchain platform and swapped digitized US treasury bonds for JP Morgan’s dollar-backed cryptocurrency known as JPM Coin. JP Morgan said blockchain technology facilitated the instantaneous settlement and maturity of the repo transaction in hours rather than days and creates new ways to access intraday liquidity. JP Morgan developed the blockchain platform via its new business unit Onyx which is dedicated to scaling and commercializing the technology, focusing on products and services with its JPM Coin.

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