JP Morgan’s blockchain unit, Onyx, and Broadridge are set to integrate JPM Coin as the settlement mechanism for Broadridge’s Distributed Ledger Repo (DLR) platform. This collaboration marks the first use of JPM Coin for settlement on an external digital platform.

The integration aims to enhance DLR’s repo capabilities, which currently include intra-day, overnight, and term repos. Successful tests of JPM Coin on the DLR platform have been completed Broadridge shares in a press release, with plans to offer this solution to Broadridge users by June 2024.

The settlement process will involve synchronised transactions across two blockchain networks, ensuring delivery versus payment (DVP) by locking and synchronously releasing cash and assets. According to Broadridge, this approach addresses the industry’s need for “cash-on-chain” solutions and could serve as a model for future digital cash settlement systems.

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“This next innovation will power DLR as the ubiquitous intraday platform, leveraging existing market infrastructure in addition to new digital cash solutions”, says Horacio Barakat, head of Digital Innovation at Broadridge.