Bank ABC is followed in Bahrain by the FAB pilot. Additionally recently introduced on Onyx is JPMorgan’s Tokenization Collateral Network.
With the successful conclusion of a blockchain-based cross-border payments pilot project with First Abu Dhabi Bank (FAB), JPMorgan’s Onyx Coin Systems has achieved another success in the Middle East. According to a statement, the pilot phase “was executed seamlessly with satisfactory response times.”
The FAB trial came to an end weeks after Bank ABC conducted a test of the Onyx system there and launched a restricted set of services. FAB stated that it was still investigating the possibilities the technology presents.
JPMorgan’s permissioned distributed ledger, which was introduced in 2020, has been picking up steam lately. Tyrone Lobban, the head of JP Morgan Onyx’s blockchain and digital assets division, stated earlier this month that the network is presently processing between $1 billion and $2 billion each day.
Onyx has been used for euro-denominated payments in Europe since June in addition to its growth in the Middle East. In the same month, a group of six banks and it initiated interbank US dollar settlements in India.
On the new JPMorgan Tokenization Collateral Network, which also utilizes the Onyx blockchain, the first public deal was finalized on October 11. As collateral for a derivatives exchange between JPMorgan and BlackRock, money market fund shares were tokenized and deposited with Barclays Bank.
In June, Mastercard disclosed that it was testing its Multi Token Network, while in September, Citigroup unveiled its Citi Token Services.
Project Guardian included JPMorgan, DBS Bank, and Marketnode as participants. The Bank for International Settlements and the Monetary Authority of Singapore jointly designed the project, which was completed in June. It included building a liquidity pool of tokenized bonds and deposits that could be used for borrowing and lending.
Jamie Dimon, CEO of JPMorgan, recently stated his firm conviction in artificial intelligence. Cryptocurrencies were described by him as “decentralized Ponzi schemes.”
