Bloomberg: J.P. Morgan to pilot Onyx blockchain to settle USD trades in India

J.P. Morgan has tied up with six Indian banks to introduce a blockchain-based platform to settle interbank dollar transactions in the nation’s newest international financial hub. The pilot project will use J.P. Morgan’s blockchain platform Onyx.

“We will be running a pilot project for the next few months as we need to analyze banks’ experience,” Kaustubh Kulkarni, senior country officer for India and vice chairman for Asia Pacific at J.P. Morgan, said in an interview with Bloomberg. The banks include top private lenders like HDFC Bank, ICICI Bank, Axis Bank, Yes Bank and IndusInd Bank, in addition to J.P. Morgan’s own banking unit at GIFT City.

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