Onyx, the blockchain business arm of JP Morgan, is partnering with fintech company Broadridge to bring the web3 payment system JPM Coin onto one of Broadridge's repo platforms. 

As part of the deal, Onyx's JPM Coin will act as the settlement mechanism for Broadridge's Distributed Ledger Repo platform, which offers intra-day, overnight and term repo services using blockchain technology, according to a release shared with The Block. Broadridge users can expect JPM Coin settlement to become available by June of this year. 

The move marks the first time JPM Coin offers settlement functionalities to a third-party digital platform, the release continues. Repo, short for "repurchasing agreements," entails one entity selling a security to another party with the agreement to buy it …