American multinational investment bank JPMorgan said the financial institution had completed a repo transaction using a blockchain. On the 10th of December, JPMorgan that the bank used an in-house developed blockchain application to conduct the research. The announcement revealed that JPM used its blockchain business arm, Onyx. JPMorgan added that Onyx helped with quick settlement and maturity of transactions in hours instead of days.
The head of markets DLT at JPMorgan, Scott Lucas, said that the company is leveraging blockchain technology to reduce intraday risk profiles for customers. Lucas added: