In a groundbreaking initiative, financial giants JPMorgan Chase & Co and Apollo Global Management joined forces with blockchain companies to carry out a “proof of concept” in fund tokenization.
This strategic move is part of the Guardian project, led by the Monetary Authority of Singapore (MAS), and was unveiled at the Singapore Fintech Festival, emphasizing the growing interest of traditional financial institutions in blockchain technology.
In this collaboration, JPMorgan’s Onyx Digital Assets partnered with Axelar, specialized in interoperability, Oasis Pro, a fintech infrastructure provider, and the Web3 platform Provenance Blockchain.
Together, they aim to manage large-scale client portfolios, execute trades, and enable automated portfolio management of tokenized assets.
Oasis Pro, specialized in tokenizing real-world assets, implemented tokenization in the Provenance Blockchain Zone. On the other hand, Axelar played a crucial role in enabling interoperability with the private network of the Provenance Blockchain used for the project.
Anthony Moro, CEO of Provenance Blockchain, highlighted the uniqueness of this blockchain interoperability solution for institutional financial services, emphasizing its importance in the current landscape.
With supported transactions surpassing $16 billion and $9 billion in real-world financial assets registered on-chain, Provenance Blockchain brings a solid foundation to this collaboration, demonstrating the credibility and potential of blockchain technology in managing large-scale financial assets.
JPMorgan Objectives With Project Guardian
The Guardian project’s main objective is to develop solutions that improve efficiency and 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 classes, regardless of where those assets are managed and recorded.
Currently, various traditional financial institutions express a growing interest in blockchain technology. Major names like Charles Schwab Corp, Citadel Securities, and Fidelity Investments announced the creation of the EDX Markets exchange.
On the other hand, HSBC Holdings Plc, one of the world’s leading bullion banks, introduced a platform that uses blockchain technology to tokenize ownership of physical gold stored in its vault.
JPMorgan’s active participation in this collaboration follows the successful execution of the first blockchain-based collateral settlement transaction in October, in which other key players in the financial industry such as BlackRock Inc and Barclays PLC participated.
