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.