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DBS said it is the first Asian bank to use the Onyx network, on the JPMorgan (JPM) blockchain, to complete the transaction…
DBS (D05), Singapore’s largest bank by market cap, said it has become the first Asian bank to use JPMorgan’s (JPM) blockchain-based fixed income trading network Onyx, joining international heavyweights including Goldman Sachs (GS) and BNP Paribas ( EPA).
The Onyx Digital Assets network uses tokens for short-term trading on fixed income markets, allowing investors to lend assets for hours without leaving their balance.
Transactions in the buyback market, also known as “repos”, are mostly collateralized by government bonds, making it a vital source of collateral for banks to fund their balance sheets.
The goal of the Onyx network is to allow banks to complete such transactions within hours, as opposed to the one or two business days that used to be required.
Since the launch of JPMorgan in 2020, Onyx has hosted over $300 billion of intraday repos.
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