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First Abu Dhabi Bank finalizes testing of cross-border payment solutions using JPMorgan Onyx.
JPMorgan’s Onyx Coin Systems has achieved another milestone in the Middle East by successfully completing a blockchain-based cross-border payments pilot project in collaboration with First Abu Dhabi Bank (FAB). According to a statement, the pilot phase was “executed seamlessly with satisfactory response times.”
The FAB pilot concluded weeks after a comparable test in Bahrain, where Bank ABC had been evaluating the Onyx system and moved forward with a limited launch of services. FAB indicated that it is continuing to investigate the potential that the system presents.
Launched in 2020, JPMorgan’s permissioned distributed ledger has been gaining traction in recent months. Tyrone Lobban, head of JP Morgan Onyx Digital Assets & Blockchain, mentioned earlier this month that the platform currently processes between $1 billion and $2 billion daily.
FAB Bank completes blockchain #payments pilot with J.P. Morgan:#UAE First Abu Dhabi Bank has announced the successful completion of its J.P Morgan’s Coin blockchain based cross border payments.@laraonzeblock. #DigitalBanking https://t.co/q8CrApFaJG
— Urs Bolt (@UrsBolt) October 10, 2023
In addition to its growth in the Middle East, Onyx has been utilized for euro-denominated payments in Europe since June. That same month, it also initiated interbank USD settlements in India with a consortium of six banks.
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On Oct. 11, the inaugural public trade was settled on JPMorgan’s new Tokenization Collateral Network, which also operates on the Onyx blockchain. Money market fund shares were tokenized and deposited at Barclays Bank as collateral for a derivatives exchange between JPMorgan and BlackRock.
Related: JPMorgan forecasts limited downside for crypto markets: Report
Mastercard announced it was testing its Multi Token Network in June, while Citigroup introduced its Citi Token Services in September.
JPMorgan participated in Project Guardian alongside DBS Bank and Marketnode. This initiative, which concluded in June, was developed by the Monetary Authority of Singapore and the Bank for International Settlements. It focused on creating a liquidity pool of tokenized bonds and deposits for lending and borrowing purposes.
JPMorgan CEO Jamie Dimon recently reiterated his strong conviction in artificial intelligence, while also labeling cryptocurrencies as “decentralized Ponzi schemes.”
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