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Wall Street giant and Onyx Eye company are industrializing PoC solutions based on Blockchain technology

Their collaboration promises to revolutionize the way the financial world harnesses the potential of blockchain, bringing new capabilities and efficiencies to traditional business models.

Date: 2024-05-13 Author: Łukasz Michałek
Wall Street giant and Onyx Eye company are industrializing PoC solutions based on Blockchain technology

Leading financial institutions on Wall Street are focusing on industrializing Proof of Concept (PoC) developed as part of the blockchain experiment known as Project Guardian.

JPMorgan’s blockchain platform, Onyx, is particularly keen on turning the insights gained from the pilot program conducted in partnership with the Monetary Authority of Singapore (MAS) into tangible products.

At the TokenizeThis event held in Miami on May 10, Stephanie Lok, Onyx product manager at JPMorgan, said the company is focusing on tokenization of mutual funds as a key area of focus.

“It’s a very important area of focus: how can we sort of manufacture and industrialize what we’ve developed as a proof of concept?” lok stated.

WisdomTree highlights interest in RWA tokenization

Another traditional company investing heavily in the migration of finances using blockchain technology is WisdomTree, an asset management company. Maredith Hannon, director of business development at WisdomTree, highlighted the company’s interest in personalizing wallets and linking wallets to settlement accounts.

Hannon detailed the potential benefits of real-world asset tokenization for investors’ portfolios, predicting the possibility of creating myriad allocation options and risk profiles.

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WisdomTree is also exploring the possibility of providing various services on the chain through a unified interface for its customers. The company aims to integrate various financial services, including tokenized wallets and traditional banking services, into a single application.

“Provide that end value of being able to use your money more efficiently. The ability to be in the market, in a money market fund, and earn 5% versus earning virtually nothing in a current account.”

As a prominent asset manager involved in Bitcoin ETFs, WisdomTree brings its expertise to the Project Guardian initiative.

Launched in May 2022, Project Guardian aims to explore applications of decentralized finance (DeFi) and asset tokenization in wholesale funding markets. The initiative focuses on the development of open and interoperable networks, institutional-grade DeFi protocols, asset tokenization and trusted infrastructure.

JPMorgan, DBS Bank, SBI Digital Asset Holdings and WisdomTree are the main participants in Project Guardian, working together to assess the feasibility of DeFi and asset tokenization on a larger scale.

Tokenized funds continue to gain popularity

In a report published earlier this year, Moody’s, a leading investment risk assessment firm, revealed that the value of tokenized funds has increased from $100 million in early 2023 to around $800 million, driven by the growing tokenization of U.S. Treasury bonds.

The report highlighted that both public and private blockchains are witnessing the inclusion of various assets.

Some of the more notable examples include the development of Franklin Templeton ‘s U.S. government money fund from Stellar to Polygon, Backed Finance ‘s launch of a tokenized short-term fund listed on a U.S. Treasury bond exchange-traded fund (ETF), and UBS Asset Management’s implementation of a tokenized money market fund(MMF) on the Ethereum blockchain.

According to Moody’s, the tokenization of MMFs offers the potential to combine their stability with the technological advantages of stablecoins.

Recently, DigiFT, a Singapore-based fintech company, also announced the launch of its treasury bill (DR) deposit tokens. Similarly, Turkey’s Misyon Bank announced a partnership with Swiss company Taurus to leverage its technology for storing and tokenizing digital assets.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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