JPM Coin to act as settlement mechanism for Broadridge's Distributed Ledger Repo platform

Onyx, the blockchain business arm of JP Morgan, is partnering with fintech company Broadridge to bring the web3 payment system JPM Coin onto one of Broadridge's repo platforms. 

As part of the deal, Onyx's JPM Coin will act as the settlement mechanism for Broadridge's Distributed Ledger Repo platform, which offers intra-day, overnight and term repo services using blockchain technology, according to a release shared with The Block. Broadridge users can expect JPM Coin settlement to become available by June of this year. 

The move marks the first time JPM Coin offers settlement functionalities to a third-party digital platform, the release continues. Repo, short for "repurchasing agreements," entails one entity selling a security to another party with the agreement to buy it back later, typically for a higher value. 

"We are delighted to launch our synchronized settlement solution using JPM Coin through our work with Broadridge," said Onyx Head of Platform Settlement Solutions Nelli Zaltsman in a statement. "At Onyx, we look to be the foremost provider of cash-on-chain solutions to existing and steadily growing digital asset platforms globally."

JPM Coin initially launched in November 2023 as a way to provide programmable payments through a permissioned web3 payment apparatus, The Block previously reported.