Onyx Coin Systems, JPMorgan's blockchain-based payment system, has reached another milestone in the Middle East with the completion of a successful pilot project.
Onyx Completes Successful Cross-Border Payments Pilot with First Abu Dhabi Bank
Onyx Coin Systems, JPMorgan's blockchain-based payment system, has reached another milestone in the Middle East with the completion of a successful pilot project in conjunction with First Abu Dhabi Bank (FAB). According to a statement, the pilot phase indicated smooth execution and satisfactory response times.
This accomplishment follows a similar test in Bahrain, where Bank ABC also tested the Onyx system and launched limited services. JPMorgan's permissioned distributed ledger is gaining traction, with daily transactions ranging between $1 billion and $2 billion.
This comes as JPMorgan just completed the first public trade using its Tokenization Collateral Network (TCN). BlackRock’s money market fund shares were tokenized and transferred using the TCN to Barclays as collateral.
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