Siemens issues and settles tokenized commercial paper using JPMorgan's Onyx blockchain payment system

2024-09-24 09:10:51

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ChainCatcher news, according to Coindesk, German industrial giant Siemens AG successfully issued and settled tokenized commercial papers using JPMorgan's blockchain payment system Onyx and the private blockchain of SWIAT.

On September 13, Siemens issued crypto securities worth 100,000 euros under Germany's Electronic Securities Act (eWpG) and redeemed them three days later. The payment was completed through JPM Coin system on the Onyx network, while the asset transfer was settled on the SWIAT network's "delivery versus payment" (DvP) mechanism. The entire process took only 93 seconds from the confirmation of the transaction by both parties on SWIAT to the final confirmation of asset and payment transfer.

This transaction marks the beginning of cooperation between Onyx and SWIAT to develop blockchain-based asset issuance products for commercial banks. The two parties aim to shorten the value chain, enhance transaction flexibility and speed, and ultimately enable scalable applications of blockchain-based financial transactions for commercial banks.

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