JP Morgan has partnered with six Indian banks to handle interbank dollar transactions on blockchain-based trading platform Onyx.
According to Bloomberg's report, JP Morgan will run a pilot project in the coming months with HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank and JPM through its own banking unit, Onyx, located in Gujurat, India.
It was stated that the aim of this project is to handle dollar trading transactions in real time, at all hours of the day, not limited to a certain time.
Kaustubh Kulkarni, Vice President of Asia Pacific at JP Morgan, said:
“We will run a pilot project over the next few months as we need to analyze the experience of banks.
Banks include HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Yes Bank Ltd., in addition to JPMorgan's own banking unit in GIFT City. and top private banks such as IndusInd Bank Ltd will also be involved in the project."
Kulkarni said the pilot project will launch on Monday using JPMorgan's blockchain platform Onyx, following approval from the International Financial Services Center Authority.
Founded in 2020, Onyx is the digital asset network used by banking giant JP Morgan to process wholesale payments.
*Not investment advice.