.jpmorgan has teamed up with six Indian banks to settle interbank dollar transaction on its blockchain-based trading platform Onyx. By JamieCrawleyCD
The investment bank will run a pilot project over the coming months alongside HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPM's own banking unit in Gujurat, India.
The aim of the project, which starts today, is to settle dollar trades in real time around the clock as opposed to over a matter of days and only during the working week. Onyx, established in 2020, is the banking giant's digital assets network for settling wholesale payment transactions. The headquarters for the project is the Gujurat International Finance Tec-City, or GIFT City, which is India's attempt to establish an international finance hub to rival the likes of Singapore and Dubai.
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