Singapore-based DBS Bank has successfully completed fixed income trading on Onyx, JPMorgan’s blockchain infrastructure.
Despite the effects of the crypto bear market, blockchain initiatives continue unabated. Companies want to combine the traditional banking system with blockchain technology. Singapore is working hard to become the center country with blockchain initiatives and developments. DBS Bank in the country became one of the most important banks in the initiatives. However, Singapore takes a distant approach towards cryptocurrencies. The focus of the country is only 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, used Onyx, JPMorgan’s blockchain-based fixed income trading network. The bank stated that it is the first Asian bank to use Onyx. He also stated that he joined international giants such as DBS Bank, Goldman Sachs (GS) and BNP Paribas (EPA).
Onyx Digital Assets uses tokens for short-term trading in fixed income markets. This way, investors can lend their assets hours before they leave their balance sheets. Onyx came to the fore with its repo transactions in a few hours.
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