First Abu Dhabi Bank completes cross-border payments testing on JPMorgan Onyx

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JPMorgan’s Onyx Coin Systems has scored one other win within the Middle East with the completion of a blockchain-based cross-border payments pilot mission with First Abu Dhabi Bank (FAB). The pilot section was “executed seamlessly with satisfactory response times,” according to an announcement.

The FAB pilot wound up weeks after an identical take a look at in Bahrain, the place Bank ABC had been testing the Onyx system and proceeded to a restricted launch of providers. FAB mentioned it was persevering with to discover the alternatives the system gives.

JPMorgan’s permissioned distributed ledger was launched in 2020 and has been gaining momentum in current months. JP Morgan Onyx digital property and blockchain head Tyrone Lobban said earlier this month that the platform presently processes between $1 billion and $2 billion a day.

Besides its growth within the Middle East, Onyx has been used for euro-denominated payments in Europe since June. That similar month, it additionally launched interbank United States dollar settlements in India with a consortium of six banks.

On Oct. 11, the primary public commerce was settled on JPMorgan’s new Tokenization Collateral Network, which additionally runs on the Onyx blockchain. Money market fund shares have been tokenized and deposited at Barclays Bank as safety for a derivatives change between JPMorgan and BlackRock.

Related: JPMorgan forecasts limited downside for crypto markets: Report

Mastercard announced it was testing its Multi Token Network in June, and Citigroup introduced its Citi Token Services in September.

JPMorgan was one of the participants in Project Guardian, together with DBS Bank and Marketnode. The mission, which concluded in June, was developed by the Monetary Authority of Singapore and the Bank for International Settlements. It concerned the creation of a liquidity pool of tokenized bonds and deposits to be used in lending and borrowing.

JPMorgan CEO Jamie Dimon lately expressed his strong belief in artificial intelligence. He additionally called cryptocurrencies “decentralized Ponzi schemes.”

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