The post JPMorgan and Apollo Pioneer Blockchain Tokenization in Asset Management appeared on BitcoinEthereumNews.com.

The move by JPMorgan and Apollo comes at a time when various traditional finance institutions are increasingly expressing interest in blockchain technology. In a groundbreaking move, traditional finance titans JPMorgan Chase & Co (NYSE: JPM) and Apollo Global Management Ord Shs (NYSE: APO) has successfully collaborated with blockchain firms to demonstrate a “proof of concept” for tokenization of funds on a blockchain platform of choice. The collaboration, which is part of Project Guardian led by the Monetary Authority of Singapore (MAS), was unveiled at the Singapore Fintech Festival, showcasing the growing interest of traditional financial institutions in the blockchain industry. Participants of JPMorgan and Apollo’s Blockchain Tokenization According to reports, JPMorgan’s Onyx Digital Assets partnered with interoperability layer Axelar, fintech infrastructure provider Oasis Pro, and Web3 platform Provenance Blockchain. Together, they aim to manage large-scale client portfolios, execute trades, and enable automated portfolio management of tokenized assets. Notably, Oasis Pro, a fintech infrastructure provider specializing in real-world assets, implemented the tokenization of assets on the Provenance Blockchain Zone. On the other hand, Axelar played a crucial role in enabling interoperability with the private netwok, Provenance Blockchain Zone, used for the project. Anthony Moro, CEO of Provenance Blockchain, highlighted the importance of this collaboration, stating, “This is believed to be a first-of-its-kind blockchain interoperability solution for institutional financial services.” Provenance Blockchain, with over $16 billion in supported transactions and currently holding $9 billion in real-world financial assets on-chain, brings a robust foundation to the collaborative initiative. This track record underlines the credibility and potential of blockchain technology in managing and recording financial assets at scale. Project Guardian’s objective is to develop solutions that enhance efficiency and improve outcomes for asset and wealth managers and investors. Tyrone Lobban, head of Onyx Digital Assets, emphasized the goal of creating scalable portfolios across various asset…

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Filed under: News - @ November 15, 2023 10:14 pm