JPMorgan’s Onyx CryptoAssets team and global asset manager Apollo have taken a new step. It has partnered with some Blockchains that are behind popular altcoin projects. Here are the details…
JPMorgan partners with altcoin and blockchain projects
A move came from JPMorgan’s Onyx team and Apollo. The major company has joined forces on an interoperability proof-of-concept with Axelar, which is behind cross-chain communication protocol and altcoin AXL, fintech infrastructure provider Oasis Pro, and financial services-focused Provenance Blockchain, which is behind the HASH altcoin project. The collaboration offers tokenized asset exchange using decentralized finance protocols. He also advocates for private networks working together. It is being carried out as part of the Monetary Authority of Singapore’s Project Guardian initiative.
The JPMorgan-led project aims to demonstrate how Blockchain technology can manage large-scale client portfolios, execute trades and enable automated portfolio management of tokenized financial assets. The system enables fund managers to tokenize real-world asset positions across multiple blockchains. It also allows them to purchase and rebalance. Thus, it standardizes the processes for performing transactions in networks.
Barriers are breaking down in asset management
The Onyx Digital Assets team used the Axelar network to achieve interoperability with the private and permissioned altcoin Provenance Blockchain Zone, an application chain that is fully interoperable with the Provenance Blockchain mainnet. Tyrone Lobban, President of Onyx Digital Assets, said:
Our goal is to create solutions that deliver significant efficiencies and deliver better outcomes for asset and wealth managers and investors through personalized, highly scalable portfolios, regardless of asset class or where those assets are managed and recorded. The interoperability achieved through Project Guardian is a step forward in demonstrating how tokenized traditional and alternative investments can be managed automatically across multiple systems.
JPMorgan’s Blockchain initiatives are expanding
Oasis Pro (not Oasis Network) enabled assets like Apollo funds to be tokenized on the platform. “Successfully delivering portfolio balancing solutions is critical,” said Pat LaVecchia, CEO of Oasis Pro. “It is a critical step in the evolution of traditional asset management functions,” he said. JPMorgan launched automatic payments through its authorized JPM Coin platform last week. Proof-of-concept then became the latest venture into Blockchain-based financial services. This is a system that currently processes $1 billion in daily transactions.
In October, JPMorgan’s Tokenized Collateral Network, a blockchain-based collateral settlement application, allowed clients to use altcoin-tokenized assets as collateral. Notably, it came to life by completing its first transaction involving BlackRock and Barclays.
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