German industrial giant Siemens AG tapped global bank JPMorgan's blockchain-based payment system Onyx and SWIAT's private blockchain to issue and settle a tokenized version of its commercial paper, the companies said on Monday.
Siemens issued €100,000 worth of crypto securities under the German Electronic Securities Act (eWpG) on September 13, then redeemed it three days later. The payments were conducted on the Onyx network using the JPM Coin System, while asset transfers were settled on the SWIAT network's delivery-versus-payment (DvP) mechanism.
The whole process took 93 seconds from the confirmation of the trade by the parties on SWIAT to final confirmation of settlement sent to the parties that asset and payment transfers were completed. DekaBank also participated, acting as a regulated crypto securities registrar on the SWIAT network.
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