.dbsbank is the latest big bank to harness jpmorgan's blockchain-based trading network Onyx, becoming the first Asian bank to do so. By JamieCrawleyCD
The Onyx Digital Assets network uses tokens for short-term trading in fixed income markets, enabling investors to lend assets for a period of hours without them leaving their balance sheets.
Trades on the repurchase – also known as"repo" – market are for the most part backed by government bonds, making it a vital source of source of collateral for banks to fund their balance sheets. The aim of the Onyx network is to allow banks to settle such transactions in a matter of hours, as opposed to the one or two working day-period it has taken historically.
Over $300 billion of intraday repo deals have been carried out on Onyx since JPMorgan launched it in 2020.
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