Santander Corporate & Investment Banking (CIB) announced the successful execution of two programmable intraday repo transactions in collaboration with JP Morgan. These transactions utilized the JP Morgan Kinexys Digital Assets platform, formerly known as Onyx. The transactions were valued at $50 million and €50 million, respectively, with Santander acting as the seller and JP Morgan as the buyer in both cases.
This development marks a significant milestone as it represents the first non-dollar intraday repo transaction on the platform involving a non-JP Morgan entity on one side. Despite the platform’s launch over four years ago, this achievement highlights the time and persistence required to foster innovation in institutional blockchain solutions.
Intraday Repo: A Promising Use Case for Blockchain
Intraday repo transactions are emerging as a transformative application within institutional blockchain and tokenization. Industry players such as Broadridge have reported handling approximately $1.5 trillion in repo transactions monthly. Both JP Morgan and Santander have been exploring innovative repo solutions, including trials on the European tokenized collateral platform HQLAᵡ. Notably, JP Morgan holds an investment stake in HQLAᵡ, which plans to introduce an intraday repo solution incorporating Fnality’s GBP cash settlement services. Santander is also a founding investor in Fnality, further underscoring its commitment to advancing blockchain technologies.
Kinexys Platform Expands Transaction Volumes
The Kinexys platform continues to demonstrate robust growth, processing approximately $2 billion in daily transactions across its various applications. In addition to its role in digital assets, the platform encompasses Kinexys Digital Payments, previously known as JPM Coin. This growth reflects increasing confidence in blockchain-based financial solutions and the potential for broader adoption in institutional finance.
