The U.S.-headquartered financial services giant JPMorgan Chase ; Co.;has announced;its plans to launch a blockchain-based platform to process interbank dollar transactions in India in partnership with six local banks.
The project has started being piloted as of June 5 using JPMorgan's blockchain platform, Onyx.
The pilot will continue for the next few months to analyze the banks' experience.;
- The partner banks include HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Yes Bank Ltd., IndusInd Bank Ltd., and JPMorgan's own banking unit at the Gujarat International Finance Tec-City (GIFT City).
- The project aims to make the GIFT City in New Delhi an alternative trading center to Singapore and Dubai.
- The existing system does not allow transactions to be settled on Saturdays, Sundays, or public holidays and causes the settlements to take a few hours to complete.
- The new blockchain-based system will instantly process transactions on a 24/7 basis.
JPMorgan launched Onyx in 2020 as a;blockchain;platform for wholesale payment transactions.
- Some of the most well-known finance and tech firms, including Goldman Sachs, Microsoft, Deloitte, and Cboe Global Markets,;also recently announced;their plans to launch a new blockchain network dubbed Canton to increase blockchain adoption in financial markets.