Banking giant JPMorgan, together with BlackRock and Barclays, made a blockchain-based transaction for the first time for collateral swaps.
BlackRock is using JPMorgan’s Ethereum-based Onyx blockchain to tokenize shares of one of its money market funds and Tokenized Collateral Network (TCN) used.
The tokenized shares were then transferred to Barclays Plc as collateral via an over-the-counter (OTC) derivatives transaction.
In the last few years, banks tokenizing traditional financial assets He did various studies for. JPMorgan is among the leading names in this field, where names such as Citi also work.
According to the statement made by JPMorgan today, the tokenization process, in just a few minutes Completed. The transfer between BlackRock and Barclays is almost instantaneous and represented a first for BlackRock, JPMorgan and Barclays.
Tyrone Lobban, who manages JPMorgan’s Onyx Digital Assets unit, said the following about the transaction:
“With the launch of TCN, customers will now be able to collateralize the shares of money market funds as tokens and benefit from their investments in money market funds.”