JPMorgan and Apollo Collaborate with Blockchain Firms for Asset Tokenization Proof of Concept

According to CoinDesk, traditional finance giants JPMorgan and Apollo have successfully collaborated with several blockchain firms to demonstrate a proof of concept for asset managers to tokenize funds on their preferred blockchain. JPMorgan's Onyx Digital Assets worked with interoperability layer Axelar, infrastructure provider Oasis Pro, and Provenance Blockchain to manage large-scale client portfolios, execute trades, and enable automated portfolio management of tokenized assets. Oasis Pro facilitated the tokenization of assets, such as Apollo funds, on the Provenance Blockchain Zone. This initiative is part of Project Guardian, a collaborative effort led by the Monetary Authority of Singapore (MAS) and traditional finance institutions to explore opportunities and potential risks associated with decentralized finance. The announcement was made at Singapore's Fintech Festival. The demonstration also allowed wealth managers to purchase and rebalance their positions in tokenized assets across multiple chains. Tyrone Lobban, head of Onyx Digital Assets, said their goal is to create solutions that bring significant efficiencies and enable 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 move comes as numerous traditional finance institutions are showing growing interest in the blockchain industry. Earlier this year, financial heavyweights including Charles Schwab, Citadel Securities, and Fidelity Investments announced the launch of cryptocurrency exchange EDX Markets. Onyx used the Axelar network to enable interoperability with the private blockchain, Provenance Blockchain Zone, which was used for the project. Oasis Pro, a fintech infrastructure provider for real-world assets, implemented the tokenization of the assets on the Provenance Blockchain Zone. Anthony Moro, CEO of Provenance Blockchain, said this is believed to be a first-of-its-kind blockchain interoperability solution for institutional financial services. Provenance Blockchain has supported over $16 billion in transactions and currently has $9 billion in real-world financial assets on-chain. In October, JPMorgan conducted its first live blockchain-based collateral settlement transaction involving BlackRock and Barclays.