First Abu Dhabi Bank completes cross-border payments testing on JPMorgan Onyx

JPMorgan’s Onyx Coin Techniques has scored one other win within the Center East with the completion of a blockchain-based cross-border funds pilot venture with First Abu Dhabi Financial institution (FAB). The pilot section was “executed seamlessly with passable response instances,” in response to an announcement.

The FAB pilot wound up weeks after an identical take a look at in Bahrain, the place Financial institution ABC had been testing the Onyx system and proceeded to a restricted launch of companies. FAB stated it was persevering with to discover the alternatives the system gives.

JPMorgan’s permissioned distributed ledger was launched in 2020 and has been gaining momentum in latest months. JP Morgan Onyx Digital Property & Blockchain head Tyrone Lobban stated earlier this month the platform at present processes between $1 billion and $2 billion a day.

FAB Financial institution completes blockchain #funds pilot with J.P. Morgan:#UAE First Abu Dhabi Financial institution has introduced the profitable completion of its J.P Morgan’s Coin blockchain primarily based cross border funds.@laraonzeblock. #DigitalBanking https://t.co/q8CrApFaJG

— Urs Bolt (@UrsBolt) October 10, 2023

Apart from its growth within the Center East, Onyx has been used for euro-denominated funds in Europe since June. That very same month, it additionally launched interbank USD settlements in India with a consortium of six banks.

On Oct. 11, the primary public commerce was settled on JPMorgan’s new Tokenization Collateral Community, which additionally runs on the Onyx blockchain. Cash market fund shares had been tokenized and deposited at Barclays Financial institution as safety for a derivatives trade between JPMorgan and BlackRock.

Mastercard introduced it was testing its Multi Token Community in June, and Citigroup launched its Citi Token Providers in September.

JPMorgan was one of many individuals in Venture Guardian, with DBS Financial institution and Marketnode. The venture, which concluded in June, was developed by the Financial Authority of Singapore and Financial institution for Worldwide Settlements. It concerned the creation of a liquidity pool of tokenized bonds and deposits to be used in lending and borrowing.

JPMorgan CEO Jamie Dimon just lately expressed his sturdy perception in synthetic intelligence. He additionally known as cryptocurrencies “decentralized Ponzi schemes.”