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With JP Morgan’s Initial work towards repurchase agreements (repos), the bank is now looking for Institutional access to DeFi markets.
BNP Paribas and the Onyx Blockchain
According to reports, major French bank, BNP Paribas, which also has the status of being a 2nd biggest banking group in the region of Europe, has now started to trade digital tokens on the Onyx Digital Blockchain introduced by American multinational investment bank, JP Morgan. Reports have also suggested that since its launch in December two years ago, the Onyx Digital Asset Blockchain has managed to handle more than $300Billion worth of government-based trades.
As of now, the Onyx Digital Asset Blockchain has been working with repo markets, which has a total price valuation of nearly $12Trillion. With the Onyx Blockchain, interested banks can provide loaning services in terms of United States Treasuries for a couple days of time and the precious assets do not have to depart with the respective balance sheet. The advantage of this is that it highlights the need of liquidity that were forced upon institutions, in accordance with the financial crisis of 2018.
Chief of Engineering at BNP Paribas stated to a news outlet that the bank’s main motive behind working with the Onyx Blockchain was not only to inspect a proof of concept, but also to assist in the use of blockchain technology as the trade and functional life cycles of the respective markets continue to reach newer levels. Back in June of last year, globally recognized bank, Goldman Sachs also connected with the Onyx Digital Blockchain to take advantage of its services.
Private and Public Blockchains
With an impressive asset valuation of around $612Billion recorded in the first quarter of this year, BNP Paribas is one of the banks that have been taking part in the development of a permissioned blockchain project powered by the French Central Bank, also trading debt securities which is included in the research towards central bank digital currencies (CBDCs).
Taking more about private blockchains, which includes Onyx itself, these type of blockchains are very different compared to public blockchains like Bitcoin and Ethereum. Public blockchains are basically open blockchains which can be joined by anyone with the right skills and tools, while private blockchains have their transactions and network access controlled by the ones who power it, like how every activity on Onyx is controlled and monitored by JP Morgan.
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