According to Foresight News, JPMorgan Chase's blockchain business unit Onyx is working with fintech company Broadridge to introduce the Web3 payment system JPM Coin to one of Broadridge's repo platforms. As part of the transaction, Onyx's JPM Coin will serve as a settlement mechanism for Broadridge's distributed ledger repo platform, which uses blockchain technology to provide intraday, overnight and regular repo services.
Broadridge users expect JPM Coin settlement to be launched in June of this year. This move marks the first time that JPM Coin will provide settlement capabilities to a third-party digital platform.