JPMorgan Collaborates with Six Indian Banks to Settle Dollar Trades on Onyx Blockchain System
In a groundbreaking initiative, JPMorgan (JPM) has partnered with six prominent Indian banks to facilitate interbank dollar transactions through its blockchain-based trading platform called Onyx. According to a report by Bloomberg, the investment bank plans to conduct a pilot project over the next few months in collaboration with HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPMorgan’s own banking unit in Gujurat, India.
The primary objective of this ambitious project, commencing today, is to enable real-time settlement of dollar trades, irrespective of the time of day, as opposed to the current practice of settling such trades over several days and only during the working week. Onyx, which was established in 2020, serves as JPMorgan’s digital assets network for facilitating wholesale payment transactions.
GIFT City, also known as the Gujurat International Finance Tec-City, has been chosen as the headquarters for this initiative. GIFT City represents India’s strategic endeavor to establish an international finance hub to rival prominent financial centers like Singapore and Dubai.
At the time of reporting, JPMorgan had not yet responded to CoinDesk’s request for comment on the matter.
Speculation Surrounds Grand Theft Auto VI’s Integration of Cryptocurrency
Rumors are once again circulating about the incorporation of cryptocurrency and non-fungible tokens (NFTs) in the highly anticipated game, Grand Theft Auto VI, igniting curiosity and speculation among fans.
Social media posts, particularly on Twitter, have suggested that GTA 6 will introduce a play-to-earn concept, where in-game items like cars and weapons will be transformed into NFTs.
Rockstar Games, the creator of the GTA series, has yet to address the validity of these claims, leaving little concrete evidence to support the rumors at this time.
It’s worth noting that the company took action against the usage of cryptocurrency in GTA back in November of the previous year. Cease and desist letters were sent to companies operating public servers with blockchain integrations, dealing a significant blow to several game developers who had built their titles on this platform.
Considering the remarkable success of its predecessor, GTA 5, which has sold over 180 million copies and generated a staggering $8 billion in revenue since its release in 2015, it appears unlikely that Rockstar would drastically deviate from the winning formula of the franchise. Fans can expect the next installment to be released either next year or in 2025.
While there is a possibility of a cryptocurrency element being included in the game, it might not align with the expectations of cryptocurrency enthusiasts. Game Rant suggests that Rockstar Games could potentially employ cryptocurrency as a subject of satire or ridicule within the game’s narrative, rather than as a prominent gameplay mechanic.