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Banking industry giants such as JPMorgan Chase and executives from Apollo have presented their plans for a tokenized corporate mainnet created during a partnership agreement in the Project Guardian pilot project conducted by the Monetary Authority of Singapore (MAS). On November 15, MAS provided five additional pilot phases for Project Guardian to test various stages of asset tokenization with the participation of 17 member financial institutions, including JPMorgan and Apollo.
Significant Steps Towards the Blockchain Industry
JPMorgan Chase and Apollo have announced their collaboration to test crypto assets for the more seamless investment and management of discretionary portfolios and alternative assets, an automatic portfolio rebalancing mechanism, and data usage customization.
Christine Moy, a partner at Apollo Global Management, explained in an interview how production-grade tokenization helped in the emergence of JPMorgan’s new intraday repurchase agreement product. Tyrone Lobban, the head of the blockchain project in question, stated that the system already manages over $900 billion in assets and added, “Actually, there was no intraday repo market before, and now we’re conducting about $2 billion worth of intraday repo transactions through our platform every day.”
According to Moy, the system operates like a corporate mainnet and believes it has the first-mover advantage in the race to offer tokenized investment instruments. Moy stated in her comments, “Clearly, we saw Ethereum‘s progress and innovation and how they had network effects as first movers, and now this is where all the new generation of innovations are being created.”
Noteworthy Details About Project Guardian
The corporate mainnet known as Project Guardian provides scalability to add applications for existing Know Your Customer (KYC) compliant corporate banks, individual clients, and asset managers for network availability.
MAS announced on November 24 measures to prevent speculation in cryptocurrency investments for Digital Payment Token (DPT) service providers, such as establishing customer risk awareness and rejecting credit card purchases, helping MAS’s DPT service providers assist individual customers in avoiding price speculation.
- Project Guardian tests asset tokenization phases.
- Collaboration focuses on crypto for investment management.
- Measures to prevent cryptocurrency speculation introduced.