JP Morgan and Apollo Global Unveil Proof-of-Concept with Avalanche
Onyx by J.P. Morgan and Apollo Global have revealed a proof-of-concept with Avalanche under the Monetary Authority of Singapore’s Project Guardian. According to a press release, the companies believe it has the potential to transform asset and wealth management by utilizing blockchain, smart contracts, and tokenization to streamline portfolio management, especially for challenging alternative assets.
AVAX Price Rises After Announcement
The announcement has had a positive impact on AVAX, the native token of the Avalanche ecosystem. Following the news, AVAX saw a 14% price increase in the last 24 hours, reaching $20.31, and a 60% increase compared to the previous week, according to CoinGecko.
LayerZero Protocol Connects Onyx Digital Assets with Avalanche Evergreen Subnet
The LayerZero protocol, valued at $3 billion after its Series B raise this year, is being used to connect Onyx Digital Assets with an Avalanche Evergreen subnet. The subnet is designed specifically for institutional needs, focusing on network privacy, gas features, and permissioning.
WisdomTree Offers Tokenized Funds for Onyx Digital Asset Portfolios
All this infrastructure allows Onyx Digital Asset portfolios to access tokenized funds provided by WisdomTree. WisdomTree is also one of the firms vying to launch a spot Bitcoin ETF.
Ava Labs President John Wu Comments on Project Guardian
Ava Labs President John Wu stated that “This initiative under Project Guardian fundamentally aligns with Ava Labs’ mission to provide the tools and tech to digitize and tokenize the world’s assets while harnessing the speed, scalability, and customizability of Avalanche.”
Project Guardian Explores Asset Tokenization Use Cases
Project Guardian was launched in May 2022 by the Singapore regulator to explore use cases for asset tokenization. In November last year, J.P. Morgan, DBS Bank and SBI Digital Asset Holdings used the Aave protocol on Polygon—a layer-2 scaling solution—to complete foreign exchange and government bond transactions on the Ethereum network.
Avalanche Attracts Big Institutions
Avalanche is now attracting big institutions like J.P. Morgan into its ecosystem. “Our work under Project Guardian demonstrates a significant opportunity for the asset and wealth management industry,” said Tyrone Lobban, Head of Onyx Digital Assets.
Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Stacy Elliott.
Hot Take: Avalanche’s Rise in Institutional Adoption
The collaboration between J.P. Morgan and Apollo Global with Avalanche under Project Guardian showcases how blockchain technology can revolutionize asset and wealth management. The increasing interest from big institutions like J.P. Morgan demonstrates Avalanche’s appeal as a platform for innovative financial solutions.
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