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Broadridge to offer JPM Coin as settlement mechanism for DLR platform

JP Morgan has struck a deal to offer its JPM Coin digital token as a settlement mechanism for Broadridge's DLR (Distributed Ledger Repo) platform.

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Broadridge to offer JPM Coin as settlement mechanism for DLR platform

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The DLR platform taps distributed ledger technology to offer Broadridge clients intra-day, overnight and term repo capabilities.

The partnership will be the first time that JPM Coin - developed by JP Morgan's blockchain unit Onyx - will provide settlement capabilities to an external digital platform. JPM Coin will be available by June.

JP Morgan argues that, given the lack of “cash-on-chain” solutions in the industry today, it could act as a framework for other cash settlement solutions for other digital platforms.

The solution involves synchronised settlement across the two blockchain networks achieving delivery vs payment cross-chain, on the basis of “locking” cash and releasing it synchronously with the asset transfers.

Nelli Zaltsman, head, platform settlement solutions, Onyx by JP Morgan, says: "We are delighted to launch our Synchronized Settlement solution using JPM Coin through our work with Broadridge.

"At Onyx, we look to be the foremost provider of Cash-on-Chain solutions to existing and steadily growing digital asset platforms globally."

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