JPMorgan and six Indian banks will use the Onyx blockchain system to settle dollar trades.

JPMorgan (JPM) has joined forces with six Indian banks to settle interbank dollar transactions on its blockchain-based trading platform, Onyx. Bloomberg reported on Monday that the investment bank will conduct a pilot project over the next few months alongside HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPM’s own banking unit in Gujurat, India.

The project, which begins today, aims to settle dollar trades in real-time, around the clock, instead of over a period of days and only during the working week. Onyx, established in 2020, is the banking giant’s digital assets network for settling wholesale payment transactions.

The project’s headquarters is the Gujurat International Finance Tec-City, or GIFT City, which is India’s attempt to establish an international finance hub to rival the likes of Singapore and Dubai.

JPMorgan did not immediately respond to CoinDesk’s request for comment.

Read More: India Targeting One Million CBDC Users in Three Months, Prioritizing Offline Transfers: Sources

Edited by Sheldon Reback.

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