Token

Guardian

<div class="sg-post-des">
 The ‘enterprise mainnet’ provides the scalability to add applications to a network that already has a KYC-compliant set of institutional banks, broker-dealers and asset managers.
</div>
<div class="cointelegraph">
 Executives of banking giants JPMorgan Chase and Apollo revealed plans for a tokenized ‘<a rel="noopener noreferrer nofollow" title="enterprise" href="https://thebittimes.com/tag/enterprise.html">enterprise</a> <a rel="noopener noreferrer nofollow" title="mainnet" href="https://thebittimes.com/tag/mainnet.html">mainnet</a>’ formed during a collaboration on the Monetary Authority of Singapore’s (MAS) Project Guardian pilot project.&nbsp;
 On Nov. 15, the MAS introduced five additional industry pilots to Project Guardian to test various use cases around asset tokenization, which saw participation from 17 member financial institutions, including JPMorgan and Apollo. The duo collaborated to test digital assets for more seamless investment and management of discretionary portfolios and alternative assets, automated portfolio rebalancing and customization at scale.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/28/cc490b91ea661c95d8dd0804217272cf.webp">
 <figcaption style="text-align: center;">Members of the Project Guardian. Source: mas.gov.sg
 </figcaption>
 </figure>
 In a Forbes interview, Christine Moy, partner at Apollo Global Management, explained how production-grade tokenization helped create intraday repo, JPMorgan’s new tradable product. The lender's blockchain head, Tyrone Lobban, revealed that the new system has already processed over $900 billion in assets, adding:
 <blockquote>
 “There was actually no intraday repo market before this, and now we’re settling around $2 billion a day of intraday repo trades through our platform.”
 </blockquote>
 According to Moy, the system performs as an <a rel="noopener noreferrer nofollow" title="enterprise" href="https://thebittimes.com/tag/enterprise.html">enterprise</a> <a rel="noopener noreferrer nofollow" title="mainnet" href="https://thebittimes.com/tag/mainnet.html">mainnet</a>, and she sees it as having a first-mover advantage in the race for offering tokenized investment instruments. She said:
 <blockquote>
 “Obviously, we've seen the progress and innovation of Ether (ETH) and how as the first mover, they had the network effects, and now that's where all the next-generation innovation has been created.”
 </blockquote>
 The ‘<a rel="noopener noreferrer nofollow" title="enterprise" href="https://thebittimes.com/tag/enterprise.html">enterprise</a> <a rel="noopener noreferrer nofollow" title="mainnet" href="https://thebittimes.com/tag/mainnet.html">mainnet</a>’ provides the scalability to add applications to a network with an existing Know Your Customer (KYC)-compliant set of institutional banks, broker-dealers and asset managers.
 Related: Singapore central bank to trial live wholesale CBDC for settlements
 Through Project Guardian, financial institutions are working out the ideal software stacks that could accommodate agnostic interoperability across different pools of assets.
 On Nov. 24, MAS laid down measures for Digital Payment Token (DPT) service providers to discourage speculation in cryptocurrency investments.
 Determining customers’ risk awareness, refusing credit card purchases, and providing no incentives are some of the ways MAS asked DPT service providers to help retail clients avoid price speculation.
 Magazine: Real AI use cases in crypto, No. 1: The best money for AI is crypto
 <template data-name="subscription_form" data-type="markets_outlook"></template>
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jpmorgan-apollo-plan-for-enterprise-mainnet-execs-reveal-tbt71875.html">https://thebittimes.com/jpmorgan-apollo-plan-for-enterprise-mainnet-execs-reveal-tbt71875.html</a>

JPMorgan, Apollo plan for enterprise mainnet, execs reveal

TheBitTimes

Other articles published on Nov 28, 2023

How is Tether (USDT) Preparing for The Biggest Bull Run in History

Bitcoin Price Prediction As $38000 Breakout Hints Resumption of Recovery Trend

Coinbase’s strategic positioning fuels massive 256% YTD stock surge

Zipmex Thailand halts crypto trading citing SEC compliance

Solana (SOL) Price Tanks 5% Slipping Under $55, What’s Next?

Coinbase CEO Armstrong Confident After Binance Settlement

Join our free newsletter for daily crypto updates!