Banks Start Seeing Blockchain as Source of High-Quality Assets
BNP Paribas, a French bank, has joined a platform owned by J.P. Morgan in a bid to start leveraging digital tokens while undertaking short-term trading activities in the markets of fixed-term financial assets. This comes at a time when major banks are ramping up efforts to modernize the sector by adopting blockchain technology. The blockchain platform, dubbed Onyx Digital Assets, has so far seen deals worth $300 billion completed since December 2020 when the platform was launched. This platform facilitates repo (or repurchase) deals in which investors are allowed to borrow high-quality financial assets for a day or so. Repo…