Executives from JPMorgan and Apollo revealed plans for a tokenized “Enterprise Mainnet” formed during their collaboration on the Monetary Authority of Singapore (MAS) Project Guardian pilot project. It is reported that the Enterprise Mainnet provides scalability and can add applications to a network that already has institutional banks, broker-dealers and asset management companies that meet KYC standards.
On November 15, MAS introduced five additional industry pilots to Project Guardian to test various use cases around asset tokenization, with 17 member financial institutions including JPMorgan Chase and Apollo participating in the project. The two parties collaborated to test the use of digital assets to achieve more seamless investment and management of discretionary portfolios and alternative assets, as well as large-scale automatic portfolio rebalancing and customization.
In an interview with Forbes, Christine Moy, partner at Apollo Global Management, explained how production-grade tokenization helped create JPMorgan Chase's new product, intraday repo. Tyrone Lobban, the bank's head of blockchain, revealed that the new system has processed more than $900 billion in assets. According to Moy, the system runs as an enterprise mainnet, and she believes it has a first-mover advantage in the competition to provide tokenized investment tools. (Cointelegraph) #feedfeverchallenge