JPMorgan (JPM) took his first step in a public blockchain network through its Kinexys digital payments platform, establishing a transaction of the US Treasury. UU.
The pilot, detailed in a press release shared with COINDESK, marks the debut of a versus payment transaction (DVP) in the NET of Testnet, a new layer of layers of layer 1 designed to admit assets of the real world of institutional degree.
Kinexys, which according to the statement processes an average of more than $ 2 billion in the volume of daily transactions, managed the payment section, while the short -term treasure fund (OUSG) in the short term (OUSG) of Ondo Finance formed the asset section. The Chainlink execution time environment, a system to coordinate the workflows of the cross chain, said the settlement in the two networks.
This is the first time that Kinexys, the permit of the Wall Street bank, has executed a transaction in a public block chain. The measure indicates a change while the bank explores ways to extend its institutional payment infrastructure to the growing market tokenization market of the real world.
“By safely and carefully connecting our institutional payments solution with external public and private block chain infrastructure without problems, we can offer our clients and the wider financial ecosystem a broader range of benefits and scalable solutions to establish transactions,” said Nelli Zaltsman, head of Kinexys settlement solutions, in the statement.
Traditional finances often fight with DVP transactions, which require payments to be made before or at the same time as the delivery of values, due to fragmented systems and manual steps that delay liquidation, the statement said.
He points out that the data that suggested payment and liquidation failures have cost the market participants more than $ 900 billion in the last 10 years. Blockchain technology, says, can be used to perform simultaneous cross -chain transactions.
JPMorgan has been expanding its Blockchain -based payment network, since it recently added support for accounts called British release.
