Onyx, JP Morgan’s blockchain business unit, is partnering with global fintech leader Broadridge to introduce JPM Coin as the settlement mechanism for Broadridge’s DLR (Distributed Ledger Repo) platform.
JPM Coin will enhance DLR’s existing repo capabilities, which include intra-day, overnight, and term repo transactions, which is the first instance of JPM Coin offering settlement capabilities to an external digital platform. The two companies have successfully tested JPM Coin with the DLR platform, and it is expected to be available to Broadridge users as a settlement solution by June 2024.
In an industry currently lacking “cash-on-chain” solutions, this initiative could set a precedent for future cash settlement frameworks on other digital platforms.
The solution leverages synchronized settlement across two blockchain networks, achieving delivery versus payment (DVP) cross-chain by “locking” cash and releasing it simultaneously with asset transfers.
