Goldman Sachs Jumps On JPMorgan's Repo Blockchain To Start Crypto Trading

Goldman Sachs Group Inc., JPMorgan Chase & Co. joined the blockchain-based network established by In an interview with Bloomberg, Mathew McDermott, global head of digital assets, Goldman Sachs' global markets group, confirmed the first transaction in its history. 17 June. June. In the deal, Goldman Sachs traded a tokenized version of the US Treasury bond for JPM Coin, JPMorgan's dollar stablecoin. Last year, JPMorgan launched its own blockchain solution to improve the efficiency of repo transactions. JPM Coin is used on the platform to exchange digital US Treasury bills. "We see this as a pivotal moment for the digitization of transaction activity," McDermott said in an interview Tuesday. Said. Unlike the traditional repo market, the exact time it took for banks to complete the transaction could be measured. In this case it was 3 hours and 5 minutes. JPMorgan launched its new repo marketplace in December using its own version of the Ethereum blockchain. Thanks to the Onyx blockchain platform, more than $1 billion is now traded every day. According to spokesperson Jessica Francisco, the company is in talks with more than ten banking and finance clients about joining the repo network. Transactions were made in escrow by Bank of New York Mellon Corp. McDermott said the transaction was a milestone for the digitization of transactions because unlike the old repo market, the exact date of the transaction could be recorded thanks to blockchain technology. . According to McDermott, smart contracts on the blockchain allow collateral and cash to be exchanged simultaneously and instantly, which is an important step forward for the repo market: “We pay interest per minute. We strongly believe this will change the nature of the intraday market.” Related article | Goldman Sachs Starts Offering Bitcoin Derivatives to Investors

Join the Discussion

  • BrokerEUR/USD
    City Index 0.5pips (fixed) margin: 3.33%
    Core Spreads 0.6pips (variable) margin: 3.33%
  • Back to top