Onyx Digital Assets
Onyx Digital Assets is JPMorgan Chase & Co.'s blockchain-based network for fixed income market trading.
The bank established Onyx as a new business line with a staff of 100 in 2020. Onyx enables the bank to commercialize its blockchain and digital currency developments, including the newly launched JPM Coin.
Onyx incorporates JPMorgan's interbank payment system, the Interbank Information Network (IIN), rebranded "Liink," according to the Onyx website.
Earlier, in April 2019, JPMorgan head of global clearing John Hunter said with the IIN the bank was "looking at the ability to do more at the point of settlement" with blockchain technology. The IIN is a blockchain-based digital payments platform that had been set up in partnership with the Australian ANZ bank and the Royal Bank of Canada in 2017. 220 banks were included in the IIN by 2019. The IIN was useful in particular for correcting mistakes and errors in settlement instructions for interbank transfers.
While reporting in September 2019 that Deutsche Bank, the world’s biggest clearer of euro denominated payments, had joined the IIN, JPMorgan noted that there were then 310 banks signed up to use the service.