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Goldman Begins Trading on JPMorgan’s Repo Blockchain Network

  • ‘We see this as a pivotal moment,’ Goldman’s McDermott says
  • More than $1 billion a day is traded through the Onyx platform
Updated on

Goldman Sachs Group Inc. has joined the blockchain-based network created by JPMorgan Chase & Co. for repurchase agreements that use smart contracts and a digitized version of the U.S. dollar.

Its first trade came on June 17, when it swapped a tokenized version of a U.S. Treasury bond for JPMCoin, JPMorgan’s internal representation of a digital dollar, according to Mathew McDermott, global head of digital assets for Goldman’s global markets division. He declined to give the value of the trade.