This is the first time Kinexys has connected its permissioned blockchain network with a public Layer 1 chain through Chainlink's interoperability infrastructure.

Author: Cryptoslate

Compiled by: Blockchain Knight

JPMorgan has completed a groundbreaking pilot transaction in collaboration with Ondo Finance and Chainlink, bridging the gap between traditional finance and blockchain.

According to a statement on May 14, the banking giant's blockchain division, Kinexys, successfully executed a cross-chain atomic settlement using Ondo Finance's tokenized short-term U.S. Treasury product, OUSG.

This is the first time Kinexys has connected its permissioned blockchain network with a public Layer 1 chain through Chainlink's interoperability infrastructure.

Nelli Zaltsman, head of settlement solutions at Kinexys, stated that this initiative reflects JPMorgan's evolving support for institutional clients as they engage with new digital infrastructure.

The executive added, "By securely and thoughtfully connecting our institutional payment solutions with external public and private blockchain infrastructures, we can provide broader benefits and scalable transaction settlement solutions for our clients and the wider financial ecosystem."

This milestone test transaction was conducted on the testnet of Ondo Chain, a blockchain built by Ondo specifically for the tokenization of real-world assets. It employs a delivery versus payment (DvP) model, which allows for the simultaneous transfer of assets and payments to reduce settlement risk.

Traditional DvP transactions often face delays due to fragmented systems and manual processes associated with legacy systems. Industry estimates indicate that these inefficiencies have cost market participants over $900 billion in losses over the past decade.

In cross-border transactions, the complexity increases exponentially as different regulations, currencies, and jurisdictions introduce more friction.

By leveraging blockchain technology, Kinexys and its partners demonstrated a real-time settlement process that reduces manual intervention, lowers counterparty risk, and enhances liquidity. Chainlink provided a messaging framework for synchronized operations across the two blockchain networks.

Kinexys relies on blockchain-based deposit accounts to complete the payment side of transactions, while Chainlink ensures data consistency between the permissioned chain and the public chain. This reduces operational friction and achieves final transaction confirmation within seconds.

Chainlink co-founder Sergey Nazarov described this pilot as a milestone in connecting traditional finance and decentralized finance. He noted that global financial institutions now recognize the need for secure access to public blockchains and robust cross-chain tools to enter new markets.

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