Wednesday, November 30, 2022

JPMorgan Trials Blockchain For A Possible DeFi Bridge

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JPMorgan trials blockchain technology for a possible DeFi bridge and other use cases for collateral settlements so let’s read more today in our latest Blockchain news.

The Wall Street banking giant JPMorgan trials Blockchain use cases as other big banks are making moves into the crypto space at a faster pace now than ever. JPMorgan is the latest to experiment with distributed ledger technology and improve transfer efficiency. Bloomberg reported that the Wall Street bank ran a pilot test transfer a week ago involving a transfer of token representation of the BlackRock money market fund shares as a collateral on the private blockchain.

The system will allow investors to use a broader range of assets as collateral and make settlements when the markets are closed. JPMorgan’s global head of trading services Ben Challice said the outlet achieved is a frictionless transfer of the collateral assets on an instantaneous basis. The bank noted that transactions involving derivatives, repo trading, and securities lending can all be settled on the blockchain and added that there are more plans to expand tokenized collateral and include fixed income, equities, and other types as well.

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It’s possible that the blockchain network could be expanded to serve as a bridge to the DEFI protocols for institutional investors as per Tyrone Lobban who is a head of the company’s Blockchain Launch and Onyx Digital Assets stating that crypto adoption is increasing:

“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.”

JPMorgan uses its own permissioned blockcahin platform dubbed Onyx and it claims that it pioneered the world’s first blockchain platform for wholesale payment transactions. The bank started harnessing blockchain technology in 2020 when it used the DLT technology to conduct intraday repurchases but since then, more than $300 billion of repo transactions were processed on the network. JPMorgan also invested a huge sum into the blockchain organization TRM Labs with the company assisting crypto-focused businesses, public agencies, and monetary institutions in managing fraud and financial crimes.

The analysts at the bank are bullish on BTC and other assets so in a note released from the investors, the JPM strategists said that the BTC fair value is closer to $38,000 than its current level. They noted that the crypto assets are one of the bank’s preferred alternative assets in real estate as they don’t fall into the same category as bonds and stocks.

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