DBS Bank completed an intraday repo trade on JP Morgan’s Onyx Blockchain

Singapore headquartered DBS Bank announced that it had completed the first intraday repurchase transaction in Asia on J.P. Morgan’s intraday repurchase application on Onyx Digital Assets, a blockchain-based network that supports instant settlements and transaction maturity within hours rather than the current industry norm of one to two working days.

This transaction by DBS will serve as a model for other financial behemoths worldwide, encouraging them to pursue blockchain for other financial applications.