JP Morgan Chase partners with 6 Indian banks to settle the dollar on the Onyx blockchain system. Let's talk about it. For those who don't know, Onyx is the name of JP Morgan's very own blockchain system. So this interbank dollar settlement team up is actually a pilot that began yesterday. The aim of this project is to settle dollar trades in real time rather than over a matter of days or weeks. In other words, this project aims to transition from the old banking system to the quantum financial system that is predicated on faster and more cost efficient cross border settlements and interbank transfers. This is actually very important news for a few reasons. The first being that JP Morgan is working with Indian banks and India is one of the prominent members of the BRICS nation block. So while the project does not include the Central Bank of India, what we must watch for is JPM integrating itself into the BRICS nation blocks through India's banking system. Okay, so now let's make some connections. So the Onyx blockchain already has this native cryptocurrency, the JPM Coin. The JPM Coin is a stable coin that's pegged to the United States dollar. The purpose of the coin is to act as a bridge currency between two other fiat systems. For example, the digital dollar and the digital euro. Both of the transfers would settle in the JPM coin. Now, the JPM coin is not for sale for retail investors. Retail investors are you and me. So why am I bringing this information up? It's because we need to dive a little bit deeper into the technologies that are running both the Onyx system and the JPM coin so that we can invest in this technology that may run the new FedNow system. So as we'll cover later, the FedNow system goes live in July and I believe the FedNow system will use the JPM coin for settlements. The reason being is that the Federal Reserve in 1913 was actually spearheaded by JP Morgan Bank. JPM was also one of the first banks to hop on board of the FedNow system as a service provider. And in 2021, JPM's blockchain chief stated that the next step for the JPM coin is to make it programmable. This next financial system is predicated on central bank digital currencies, which are digitally programmable assets that are produced, managed, and controlled by central banks. JPM will become a crypto custody service by offering its own digital wallet that will require biometric digital IDs to be able to access with the JPM coin being ran on the Onyx blockchain. Now, Onyx is actually built upon the Ethereum blockchain network, and the reason being is because Ethereum was specifically designed to enable complex if and then scenarios, which works perfectly with JPM's programmable coin. We already know that Ethereum is heavy in the NFT space, which JP Morgan is pushing for the tokenization of assets such as real estate, vehicles, etc. JPM's Link program already has over 200 banks on its blockchain, which is all to be built upon Ethereum's blockchain. Is this why Ethereum is being protected from Gary Gensler's out of control SEC? Not sure, but I know I'm stacking the coin. Remember, the future belongs to the courageous.
