Onyx Coin Systems, a subsidiary of JPMorgan Chase, and First Abu Dhabi Bank (FAB) completed a blockchain-based cross-border payment pilot project, achieving another win in the Middle East. The pilot phase was “seamlessly executed and response times were satisfactory” according to to a statement.
The FAB pilot ends just weeks after similar testing in Bahrain, where ABC Bank has been testing the Onyx system and beginning a limited rollout of services. FAB said it is continuing to explore the opportunities the system offers.
JPMorgan’s permissioned decentralized ledger, launched in 2020, has gained momentum in recent months. Tyrone Lobban, head of digital assets and blockchain at Onyx, JP Morgan explain Earlier this month, it was revealed that the platform is currently processing between $1 billion and $2 billion per day.
FAB Bank completes blockchain #Payment JPMorgan Chase Pilot:#UAE First Abu Dhabi Bank announced the successful completion of cross-border payments based on the JP Morgan Coin blockchain.@laraonzeblock. #digitalbank https://t.co/q8CrApFaJG
— Urs Bolt (@UrsBolt) October 10, 2023
In addition to its expansion in the Middle East, Onyx has been used in Europe for euro-denominated payments since June. In the same month, it also launched interbank dollar settlement in India with a consortium of six banks.
On October 11, the first public trade settled on JPMorgan’s new tokenized collateral network, which also runs on the Onyx blockchain. Money market fund shares were tokenized and deposited with Barclays as collateral for derivatives exchanges between JPMorgan and BlackRock.
Related: JPMorgan predicts limited downside for cryptocurrency markets: Report
MasterCard declare It tested its multi-token network in June, and Citigroup launched its Citi Token service in September.
JP Morgan is one of the participants in Project Guardian, along with DBS Bank and Marketnode. The scheme, which ended in June, was jointly developed by the Monetary Authority of Singapore and the Bank for International Settlements. It involves the creation of a liquidity pool composed of tokenized bonds and deposits for lending and borrowing.
JPMorgan Chase CEO Jamie Dimon recently expressed his firm belief in artificial intelligence. He also called cryptocurrencies a “decentralized Ponzi scheme.”
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