JP Morgan unit joins forces with Ondo, Chainlink to execute landmark settlement
Kinexys by JP Morgan, the Wall Street giant's blockchain business unit, has partnered with Chainlink and Ondo Finance to successfully execute the first cross-chain, atomic Delivery versus Payment (DvP) test transaction on May 14.
While Chainlink is the standard for on-chain finance, Ondo Finance is a prominent platform for real-world asset (RWA) tokenization.
The debut transaction involved the Ondo Short-Term U.S. Treasuries Fund (OUSG), Ondo's tokenized asset offering exposure to short-term US Treasuries. It utilized the permissioned Kinexys Digital Payments network in tandem with Chainlink's cross-chain orchestration infrastructure.
Ondo Chain, the newly launched layer-1 testnet built especially to scale RWA tokenization, also facilitated its debut transaction with this step.
DVP is a settlement method in the securities market that guarantees the transfer of securities only happens after payment has been made.
It is estimated that payment and settlement failures have cost market participants at least $914 billion, as per the statement.
Leveraging blockchain technology can help facilitate the simultaneous on-chain exchange of assets and payments across parties and reduce counterparty and settlement risks.
"The demonstrated cross-chain solution is a testament to what can be achieved through strong collaboration across diverse segments of the Web3 ecosystem, and we are pleased to have worked with Ondo and Chainlink to bring this to life as the first transaction on Ondo Chain testnet," Kinexys' head of platform settlement solutions, Nelli Zaltsman, said.
"The debut transaction on Ondo Chain's testnet with both Kinexys by J.P. Morgan and Chainlink isn't just a major milestone, it's a statement about the future of finance," Ondo Finance CEO Nathan Allman said.
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