'We want to make sure that we are able to not only support that but also be ready to provide related services,' says JPMorgan. crypto cryptocurrency blockchain
JPMorgan Foresees Increased Blockchain Use in Finance — Prepares to Offer Related Services
JPMorgan expects blockchain use in finance to increase as the crypto sector grows. The global investment bank says, “We want to make sure that we are able to not only support that but also be ready to provide related services.”JPMorgan Chase & Co foresees increased blockchain usage in traditional finance and is getting ready to offer related services, Bloomberg reported Thursday.
The global investment bank has been using a blockchain for collateral settlements, allowing its clients to use a wider range of assets as collateral and trade outside of market operating hours. The first such transaction took place on May 20.What we’ve achieved is the friction-less transfer of collateral assets on an instantaneous basis.
In addition to derivatives trading, repo trading, and securities lending, JPMorgan said it plans to expand tokenized collaterals to include equities, fixed income, and other asset types. Tyrone Lobban, head of JPMorgan’s Blockchain Launch and Onyx Digital Assets, explained that over time the bank’s blockchain could potentially be a bridge connecting institutional investors with decentralized finance platforms in the crypto economy.There will be a growing set of financial activities that happen on the public blockchain, so we want to make sure that we are able to not only support that but also be ready to provide related services.an “Onyx by J.P. Morgan” lounge in the metaverse.