JPMorgan Collaborates with Wealth Managers and Blockchain Experts on Proof-of-Concept Project
JPMorgan's digital asset branch, Onyx, is leading a project focused on using blockchain for better portfolio management. This effort is part of "Project Guardian," an initiative by the Monetary Authority of Singapore aimed at developing tokenized asset swap services on decentralized networks.
The project's goal is to create a unified platform for managing digital real-world assets across various blockchains, utilizing technologies such as account abstraction and Layer 2 settlement. Collaborating with JPMorgan on this project are wealth management firms Apollo and WisdomTree, as well as blockchain specialists Provenance, LayerZero, Axelar, Oasis Pro, and Biconomy, as noted by Tyler Lobban, Head of Blockchain and Onyx Digital Assets at JPMorgan.
Tyler Lobban of JPMorgan discussed how their initiative aims to solve current challenges in asset and wealth management, such as efficiently managing large discretionary portfolios and executing automated transactions for tokenized financial assets through blockchain protocols.
Recently, JPMorgan has been unveiling various digital asset-related projects, reflecting a broader banking industry trend to integrate blockchain technology with conventional financial services. This includes the enhancement of their JPM Coin with programmable payments and an ambitious transaction target of $10 billion in a year. They also introduced the Tokenized Collateral Network, enabling investors to utilize collateral without needing to transfer the assets themselves.