Goldman Sachs to jump on JPMorgan’s repo blockchain to start crypto trading

Goldman Sachs Group Inc. has joined the blockchain-based network created by JPMorgan Chase & Co. for repurchase agreements that use smart contracts and a digitized version of the U.S. dollar.

In an interview with Bloomberg, Mathew McDermott, global head of digital assets for Goldman Sachs’ global markets group, verified the first transaction, which took place on June 17.

Goldman Sachs exchanged a tokenized version of a US Treasury bond for JPM Coin, JPMorgan’s dollar-pegged stablecoin, in the deal. Last year, JPMorgan launched its own blockchain solution to improve the efficiency of repo transactions. JPM Coin is used on the platform to swap digital US Treasury bonds.

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