ChainCatcher reported that JP Morgan's blockchain business unit Onyx is working with fintech company Broadridge to introduce Web3 payment system JPM Coin into one of Broadridge's repo platforms.

As part of the deal, Onyx's JPM Coin will serve as the settlement mechanism for Broadridge's distributed ledger repo platform, which uses blockchain technology to provide intraday, overnight and regular repo services. JPM Coin settlement will be launched in June this year.