June 6, 2023
In a groundbreaking move, JP Morgan, the largest bank in terms of market capitalization, has introduced an innovative blockchain platform known as Onyx. This platform specifically caters to USD clearing in GIFT City, India, enabling banks to settle their USD transactions in real time. By leveraging the power of distributed ledger technology, Onyx ensures secure and transparent transactions, fostering trust among all parties involved. Its proven track record in various banking operations, such as foreign exchange and securities trading, has earned the confidence of numerous financial institutions.
The launch of Onyx in GIFT City represents a significant milestone for the Indian financial market. Facilitating seamless USD clearing enhances the attractiveness of GIFT City as a prime destination for foreign investment and international trade. This development is poised to stimulate economic growth and invigorate business activities within the city.
JP Morgan’s esteemed team, Onyx Global Coin Systems, led by Naveen Mallela, an accomplished Managing Director, leads the development of the Onyx platform. The platform is currently in a pilot phase, with prominent banks including Axis Bank, HDFC Bank, ICICI Bank, IndusInd Bank, JPMorgan Chase Bank’s GIFT City branch, and Yes Bank already utilizing its capabilities.
As the pilot phase proves successful, the platform is expected to expand its reach to encompass more banks in the near future. This expansion will enable a broader range of financial institutions to benefit from Onyx’s transformative capabilities, further fortifying the Indian financial market and solidifying GIFT City’s status as a prominent hub for international economic activity.
