Onyx by J.P. Morgan Utilizes Biconomy’s Innovation in Project Guardian Proof-of-Concept
The post Onyx by J.P. Morgan Utilizes Biconomy’s Innovation in Project Guardian Proof-of-Concept appeared on BitcoinEthereumNews.com.
In the latest Project Guardian proof-of-concept, Onyx by J.P. Morgan used Biconomy’s Sponsorship Paymaster mode. The Fund Managers’ involvement in this project made smart contracts reflecting Fund Investments straightforward to deploy. Their capacity to mint and burn transactions without gas token balances is significant. Collaboration Aims to Establish Institutional Use Cases in Project Guardian This partnership advances asset tokenization and cross-chain interoperability research in conventional banking and decentralized blockchain ecosystems. Biconomy, a trusted Web3 infrastructure supplier with over 400 partners and projects, continues its partnership with J.P. Morgan’s Onyx. The main goal of this collaboration is to establish Project Guardian institutional application cases. Project Guardian is a noteworthy Singapore Monetary Authority collaboration. Its main goal is to assess asset tokenization and DeFi applications. The project prioritizes financial stability and integrity risk management. We’re proud to announce that Onyx by @JPMorgan, used Biconomy’s Sponsorship Paymaster mode in the latest Project Guardian proof-of-concept! This enabled Fund Managers in the project to seamlessly deploy smart contracts representing Fund Investments, as well as instruct mint and… pic.twitter.com/JkQYQMRTpZ — Biconomy (@biconomy) November 15, 2023 For Project Guardian’s first industrial pilot in November 2022, J.P. Morgan, SBI Holdings, and DBS successfully implemented several pilots. Foreign exchange and government bonds were traded against tokenized Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY), and Singapore Dollar (SGD) liquidity pools in the pilots. By using Biconomy’s on-chain and off-chain ERC-4337 infrastructure, Onyx by J.P. Morgan has advanced the work. This infrastructure introduces a Web3 Account Abstraction standard. The approach showed Fund Managers to execute transactions on a permissioned Avalanche subnet without paying gas expenses. Account Abstraction lets Fund Managers use programmable Smart Accounts to easily start bespoke transactions. Onyx Digital Assets Head Advocates for New Financial Infrastructure in Proof-of-Concept Biconomy’s dynamic ‘Paymaster’ system covered all transaction…
Filed under: News - @ November 15, 2023 6:18 pm