While the world is focused on the raging and expanding Israel-Hamas war, the largest bank in the world by asset size, JP Morgan Chase, has released a new blockchain-based system that tokenizes assets and effectively can convert things like cash money into a digital asset.
As its first client, Blackrock, the largest asset manager in the world, used JP Morgan’s newest Tokenized Collateral Network (TCN) ‘to turn shares in one of its money market funds into digital tokens, which were then transferred to Barclays Plc as collateral for an over-the-counter derivatives trade between the two institutions,’ Bloomberg reported, citing Tyrone Lobban, head of Onyx Digital Assets at JPMorgan.
According to the Onyx website, powered by JP Morgan, the TCN “is an application enabling investors to utilize assets as collateral. Transfer collateral ownership without moving assets in underlying ledgers — while remaining invested — starting with money market funds.” …
