Singapore-based DBS Bank has successfully completed fixed income trading on JPMorgan’s blockchain infrastructure Onyx.
Despite the effects of the crypto bear market, blockchain initiatives continue unabated. Companies want to bring the traditional banking system together with blockchain technology. Singapore is working hard to become a central country with blockchain initiatives and developments. DBS Bank in the country became one of the most important banks involved in the initiatives. However, Singapore is taking a distant approach towards cryptocurrencies. The country’s focus is exclusively on blockchain technology. Singapore-based bank DBS touched upon its work in this area.
DBS Bank Continues Blockchain Initiatives
DBS, Singapore’s largest bank by market capitalization, has used Onyx, JPMorgan’s blockchain-based fixed income trading network. The bank stated that it was the first Asian bank to use Onyx. In addition, DBS Bank, Goldman Sachs (GS) and BNP Paribas (EPA) have joined the international giants such as he said. Dec.
Onyx Digital Assets uses tokens for short-term trading in fixed income markets. In this way, it is able to lend investors’ assets hours before they leave their balance sheets. Onyx came to the fore with its Repo transactions within a few hours.