JP Morgan and Apollo plan to launch tokenized 'enterprise mainnet'

Executives from JPMorgan and Apollo have revealed plans for a tokenized “enterprise mainnet” formed during their partnership on the Monetary Authority of Singapore’s (MAS) Project Guardian pilot. It is reported that the enterprise mainnet provides scalability to add applications to a network that already has KYC-compliant institutional banks, broker-dealers and asset managers. On November 15, MAS introduced five additional industry pilot projects to Project Guardian to test various use cases around asset tokenization, with 17 member financial institutions including JPMorgan Chase and Apollo participating in the project. The two partners are testing the use of digital assets to enable more seamless investing and management of discretionary portfolios and alternative assets, as well as automated portfolio rebalancing and customization at scale. In an interview with Forbes, Christine Moy, partner at Apollo Global Management, explained how production-level tokenization helped create JPMorgan’s new product, intraday repo. Tyrone Lobban, the bank’s head of blockchain, revealed that the new system has already processed more than $900 billion in assets. According to Moy, the system operates as an enterprise mainnet, which she believes has a first-mover advantage in the race to offer tokenized investment tools. (Cointelegraph)