Siemens AG, a German industrial giant, has utilized JPMorgan's blockchain-powered Onyx payment system and the private SWIAT blockchain to issue and redeem a tokenized version of its commercial paper. The company issued €100,000 worth of crypto securities under the Germany Electronic Securities Act and successfully redeemed them three days later. The payments were made using the JPM Coin system on the Onyx network, while asset transfers were made using the SWIAT network's delivery versus payment mechanism. The entire process took only 93 seconds, highlighting the potential for increased speed and efficiency in blockchain-based financial transactions. This collaboration between Onyx and SWIAT aims to develop blockchain-based asset issuance products for commercial banks, with a focus on shortening value chains and increasing transaction flexibility. It reflects the growing trend of major banks getting involved in tokenizing traditional financial instruments or real-world assets.
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