JPM Coin, the Web3 payment system from JPMorgan Chase, will serve as the settlement mechanism for Broadridge's distributed ledger repurchase platform

ChainCatcher news, JPMorgan's blockchain division Onyx is collaborating with fintech company Broadridge to introduce the Web3 payment system JPM Coin to one of Broadridge's repurchase platforms.

As part of the deal, Onyx's JPM Coin will serve as the settlement mechanism for Broadridge's distributed ledger repurchase platform, which utilizes blockchain technology to provide intraday, overnight, and term repurchase services. JPM Coin settlement is set to launch in June of this year.