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Bahrain’s Bank ABC using JPMorgan’s Onyx blockchain for cross-border payments

CryptofreePress Staff by CryptofreePress Staff
September 26, 2023
in Blockchain
0
Bahrain’s Bank ABC using JPMorgan’s Onyx blockchain for cross-border payments

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Bahrain-based Financial institution ABC will use JPMorgan’s Onyx Coin Programs for blockchain-based cross-border funds in a mushy, or restricted, launch. The brand new service shall be more economical and cut back settlement instances relative to conventional options.

Financial institution ABC will at first use the U.S. greenback in transactions involving Bahrain, the US, United Kingdom, Singapore and Hong Kong. The companions are planning extra places and transactions with the euro as properly. Programmable funds are additionally within the works.

The service has been launched after two years of experiments. World head of Onyx Coin Programs Naveen Mallela mentioned in an announcement:

“This allows cross-border business transactions to be executed between Bahrain and US corridors immediately, atomically and with certainty.”

The brand new service was developed in shut collaboration with the Central Financial institution of Bahrain (CBB). The CBB supervised a trial in January 2022 through which JPM Coin was used to settle funds between the nationwide Aluminium Bahrain and its U.S. counterparties by means of Financial institution ABC.

Associated: JPMorgan sees benefits in deposit tokens over stablecoins for business financial institution blockchains

Financial institution ABC has the primary partnership with JPMorgan’s blockchain service within the Center East, in accordance with the assertion. Earlier this 12 months, Onyx linked up with six Indian banks in a pilot undertaking to supply USD settlement. It additionally partnered with the German Siemens conglomerate for settlement in euros. JPM Coin was launched in 2020.

Bahrain has been taking steps to modernize its monetary system in recent times. Binance obtained a license within the kingdom in March 2022, beating Dubai as the primary member of the Cooperation Council for the Arab States of the Gulf to license a global crypto alternate by a number of days. Binance partnered with EazyPay to supply retail fee providers in Bahrain, though it isn’t clear whether or not that service remains to be out there.

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