(FT) French lender BNP Paribas has reportedly joined Wall Street peer JPMorgan in using digital tokens for trading in fixed income markets.
BNP will use JPMorgan’s blockchain tech platform Onyx Digital Assets as the lender ramps up efforts to modernize the $12 trillion market using blockchain technology.
Joe Bonnaud, the global markets chief operating officer at BNP, says the bank sees the development as part of its efforts to apply technology to improve the whole trading and operations lifecycle.
BNP’s move is monumental as it is seen as encouraging more global onboards. Participants across Europe and Asia are said to explore the use of blockchain for fixed income trading.
The entry of BNP happened after Onyx attracted over $300 billion of deals since it was launched in December.
JPMorgan’s Onyx allows banks to lend out US government bonds for limited hours as collateral. The bonds remain on the lenders’ balance sheets.
BTCUSD is up +0.46%, BNP is up +0.40%.
