JPMorgan’s Kinexys Executes First Transaction on Ondo Chain Testnet
JPMorgan (JPM) has initiated its first public blockchain transaction via the Kinexys Digital Payments platform, settling a tokenized U.S. Treasury transaction on Ondo Chain’s testnet.
- This pilot represents the first Delivery versus Payment (DvP) transaction on the testnet, aimed at supporting institutional-grade real-world assets.
- Kinexys processes over $2 billion in daily transactions and managed the payment leg, while Ondo Finance's tokenized short-term Treasury fund (OUSG) constituted the asset leg.
- The Chainlink Runtime Environment facilitated secure settlement between both networks.
- This marks Kinexys’ debut transaction on a public blockchain, indicating JPMorgan's interest in enhancing its payments infrastructure for real-world asset tokenization.
- Nelli Zaltsman from Kinexys highlighted that this integration offers clients expanded benefits and scalable transaction solutions.
- Traditional finance faces challenges with DvP transactions due to fragmented systems, resulting in over $900 billion in costs from payment failures in the past decade.
- Blockchain technology can enable simultaneous cross-chain transactions, improving efficiency.
JPMorgan is further expanding its blockchain payments network, recently adding support for GBP-denominated accounts.