In a groundbreaking move, financial powerhouses J.P. Morgan and Apollo have teamed up with blockchain firms to showcase a "proof of concept" for tokenizing funds on preferred blockchains.
J.P. Morgan, founded and named after John Pierpont Morgan, is an American multinational financial services firm headquartered in New York City.
As the largest of the Big Four banks, they specialise in investment banking, commercial banking, financial transaction processing and asset management.
J.P. Morgan’s Onyx Digital Assets collaborated with Axelar, Oasis Pro, and Provenance Blockchain to manage client portfolios, execute trades, and enable automated portfolio management of tokenized assets.
This aims to bring efficiency to asset and wealth management, offering scalable portfolios across various asset classes and recording locations.
Oasis Pro facilitated the tokenization of assets, such as Apollo funds, on the Provenance Blockchain Zone.
The initiative is part of Project Guardian, a collaborative effort led by the Monetary Authority of Singapore (MAS) to explore decentralized finance opportunities.
The demonstration at Singapore’s Fintech Festival enabled wealth managers to purchase and rebalance positions in tokenized assets across multiple chains.
The collaboration is hailed as a first-of-its-kind blockchain interoperability solution for institutional financial services.
Provenance Blockchain, with over $16 billion in transactions and $9 billion in real-world financial assets on-chain, played a crucial role in the success of the proof of concept.
The move underscores the industry's shift towards embracing blockchain technology for enhanced financial services and asset management.
A blockchain-based platform for wholesale payments transactions, Onyx by J.P. Morgan aim to create trustable infrastructure and services.
There are multiple things they are offering with Onyx as seen on their webpage.
Such include an information exchange network, digital solutions for the transfer and clearing of money, a network enabling the exchange of value for various types of digital assets, as well as a center that develops and launch new applications, networks, and shared platform technology.
According to the MAS’s webpage, Project Guardian is
“A collaborative initiative with policymakers and the financial industry that seeks to test the feasibility of applications in asset tokenisation and DeFi while managing risks to financial stability and integrity.”
This was announced by Deputy Prime Minister Heng Swee Keat in May 2022.
There are 2 groups in this project. They are split into the policymaker group, and the industry group, in which MAS falls under the former.
Others in the policymaker group consists of the Financial Conduct Authority (FCA) from the United Kingdom, Financial Services Agency from Japan, and FINMA from Switzerland.
On the other hand, the industry group consists of:
Ant Group
ADDX
Apollo
BNY Mellon
Citibank
DBS
Franklin Templeton
HSBC
OCBC
Onyx by J.P. Morgan
SBI Digital Asset Holdings
Schroders
SGX Group
Standard Chartered
T.RowePrice
UBS
UOB
The project focuses on 4 areas.
For more information about Project Guardian, check out the MAS website here.
Notably, J.P. Morgan executed its first live blockchain-based collateral settlement transaction in October.
This was done in collaboration with First Abu Dhabi Bank (FAB).
It followed after the success of a similar test conducted in Bahrain with Bank ABC.
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