Wall Street banking giant JPMorgan Chase is testing a blockchain use case for collateral settlements in after-hours trading.
Big banks are making moves into the blockchain and crypto space at a greater pace now more than ever. JPMorgan is the latest to experiment with distributed ledger technology to improve transfer efficiency.that the Wall Street bank ran a pilot test transfer last week involving a transfer of a token representation of BlackRock money market fund shares as collateral on its private blockchain.
The bank stated that transactions involving derivatives, repo trading, and securities lending could all be settled on the blockchain. It added that there are plans to expand tokenized collateral to include equities, fixed income, and other asset types.It is also possible that the blockchain network may be expanded to serve as a bridge to decentralized finance protocols for institutional investors, according to Tyrone Lobban, head of the firm’s Blockchain Launch and Onyx Digital Assets .
JPMorgan uses its own permissioned blockchain platform called Onyx, commissioned in 2020. The bank claims it has pioneered the world’s first blockchain-based platform for wholesale payment transactions.
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