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BNP Paribas, the largest French bank and Europe’s second-largest, has joined the Onyx blockchain network to exchange information, values, and digital assets.

BNP Paribas follows Goldman Sachs’ lead, which started adopting Onyx in June 2021. As a result, approved customers (banks) can now acquire a short-term loan to refill liquidity by pledging tokenized US Treasury bonds as collateral on this platform. At the same time, assets do not leave banks’ balance sheets, making lending profitable and easy.

Financial behemoth JPMorgan introduced the Onyx platform. It trades in the $12 trillion intraday repurchase market (REPO). According to Financial Times experts, the network has handled $300 billion in transactions, indicating a huge demand for this private blockchain’s services.

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