A project to bring cutting-edge blockchain technology to the vast $3-trillion-a-day US repo market has come a step closer to fruition.

The tech firm led by Blythe Masters, the high-profile former JP Morgan executive, and the Depository Trust & Clearing Corporation, one of the largest US clearing houses, are moving to phase-two of the project after a successful "proof of concept" test, the firms said in a joint statement on February 27.