Bosses from big banks like JPMorgan Chase and Apollo shared their vision for a digital currency network. This idea grew from working together on the Monetary Authority of Singapore’s (MAS) Project Guardian trial project.
On the 15 of Nov, MAS included five more industry trials to Project Guardian. These trials tested different scenarios surrounding asset tokenization. Seventeen financial institutions participated, including JPMorgan and Apollo.
They worked together to test digital assets. These tests aimed at easier investment and management of discretionary portfolios and alternative assets. They also looked at automatic portfolio rebalancing and customizing on a large scale.
In an interview with Forbes, Apollo Global Management’s Christine Moy discussed the role of high-level tokenization in the creation of JPMorgan’s tradable product, intraday repo. Tyrone Lobban, head of blockchain at the lending firm, revealed their new system has successfully handled more than $900 billion in assets.
There wasn’t any intraday repo market before this. We’re seeing about $2 billion daily in intraday repo trades on our platform.
MAS Rules Shape Digital Payment Landscape: JPMorgan Highlights Risk-Aware Strategies
Moy states that the system works like a business mainnet. She believes it has the lead in the competition to provide token-based investment tools. She expressed:
We’ve noticed the advances and evolution of Ether. As pioneers, they gained momentum. Now, they lead the way in ground-breaking developments.
The business network gives the room to grow by adding more apps. It’s part of an established network known for its Customer Knowledge (KYC), including many banks, brokers, and managers of assets.
With Project Guardian, banks and similar companies are figuring out the best computer programs. Their goal is to let different types of assets work together smoothly, regardless of origin.
On the 24 of Nove, the Monetary Authority of Singapore (MAS) established rules for Digital Payment Token (DPT) services. These actions aim to reduce risky guesses in digital currency investments.
Figuring out how aware customers are of risks, saying no to credit card purchases, and not giving rewards are a few strategies the MAS requested DPT service providers to employ. This will support retail clients in steering clear of price guessing games.
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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