Bank DBS Completes Trade Onyx Network
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An editor at Coincrop
24 Nov 2022 | 2 min read
BS, a Singaporean bank, has completed a fixed income trade on JPMorgan's blockchain network Onyx. DBS is the first Asian bank to use the Onyx network for trading purposes.
DBS, the largest bank by market cap in Singapore, has announced that it is now using JPMorgan's blockchain-based fixed income trading network Onyx. This marks a significant milestone for the bank, as it joins other international heavyweights such as Goldman Sachs and BNP Paribas who are already part of the network.
The Onyx Digital Assets network uses tokens to facilitate short-term trades in the fixed income markets, allowing investors to lend assets for a set period of time without having to remove them from their balance sheets. The repo market is mostly backed by government bonds, making it a crucial source of collateral for banks when they are trying to raise funds.
The Onyx network was designed for banks to settle transactions within a few hours, rather than the one or two days it used to take.
Onyx, JPMorgan's entry into the digital intraday repo market, has conducted deals worth over $300 billion since 2020.
MikeAn editor at Coincrop
Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.
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