As part of the Project Guardian, JP Morgan explores the possibilities offered by tokenization to improve asset management. The platform Onyx of the bank operated a Avalanche Evergreen subnetwork to facilitate subscription and the redemption from funds.
Wednesday, the L1 Avalanche has announced its participation in the Monetary Authority of Singapore’s Guardian project, alongside JP Morgan and Apollo Global. Initiated by Singapore’s central bank, the project aims to explore the potential of decentralized finance applications in wholesale funding markets.
According to the announcement, the crypto Onyx Digital Assets JP Morgan and Apollo Global have joined forces to provide a proof of concept using a licensed blockchain infrastructure to test how the tokenization and smart contracts could create a “ radical change “ in asset management.
The Layer 1 publisher reports that Onyx Digital Assets has leveraged several interoperability protocols to tap tokenized assets on blockchains beyond its platform built on Consensys Quorum.
To this end, LayerZero connected Onyx Digital Assets to an authorized Avalanche Evergreen subnet, facilitating subscriptions and redemptions of funds offered by WisdomTree,” he said.
Last April, Avalanche unveiled Evergreen Subnets, a subnet offering dedicated to institutions. Subnets have the qualities of public blockchains with the control offered by private blockchains.
“ This initiative by Project Guardian fundamentally aligns with Ava Labs’ mission to provide the tools and technology to digitize and tokenize global assets while leveraging the speed, scalability and customizability of Avalanche. We are proud to work with such leaders, as they help drive the future of finance. “said John Wu, President of Ava Labs.
Tyrone Lobban, head of Onyx Digital Assets, said the POC demonstrated the power of blockchain technology to revolutionize the asset management industry.
Onyx by @jpmorgan and @apolloglobal have announced a collaboration under Project Guardian, leveraging @LayerZero_Labs to connect Onyx with a permissioned Avalanche Evergreen Subnet, which facilitated subscriptions and redemptions for funds offered by @WisdomTreePrime. pic.twitter.com/AjQtLNKCKG
– Avalanche 🔺 (@avax) November 15, 2023
The price of the native Avalanche token, which had already risen sharply over the past 7 days, continued to rise in the wake of this announcement. AVAX gains nearly 30% over 24 hours to around $23.6.
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