According to Foresight News, Onyx, the blockchain business division of JPMorgan Chase, is partnering with fintech company Broadridge. The collaboration aims to introduce the Web3 payment system, JPM Coin, into one of Broadridge's repurchase platforms. As part of the transaction, Onyx's JPM Coin will serve as the settlement mechanism for Broadridge's distributed ledger repurchase platform. This platform, which uses blockchain technology, provides intraday, overnight, and term repurchase services.
Broadridge users can expect the JPM Coin settlement to be launched in June this year. This move marks the first time JPM Coin has provided settlement functionality to a third-party digital platform.