Onyx by J.P. Morgan and Apollo Global have unveiled a proof-of-concept with Avalanche under the Monetary Authority of Singapore’s Project Guardian, that could transform asset and wealth management. The proof-of-concept illustrates the potential of blockchain, smart contracts, and tokenization to streamline portfolio management, particularly for alternative assets that have been challenging to trade and manage. This news has been bullish for AVAX, the native token of the Avalanche ecosystem, with a 14% price increase in the last 24 hours and a 60% price increase compared to last week. The LayerZero protocol is being used to connect Onyx Digital Assets with an Avalanche Evergreen subnet, which is an individual blockchain designed to suit the needs of institutions. This has made it possible for Onyx Digital Asset portfolios to access tokenized funds offered by WisdomTree. This initiative fundamentally aligns with Ava Labs’ mission to provide tools and tech to digitize and tokenize assets while harnessing the speed, scalability, and customizability of Avalanche. Project Guardian is helping the Singapore regulator discover use cases for asset tokenization and is now bringing big institutions, like J.P. Morgan, into the mix. This could revolutionize the construction and management of discretionary portfolios. #MonetaryAuthorityofSingapore #AssetTokenization #Avalanche #ProofofConcept #JP Morgan
You can read more about this topic here: Decrypt: JP Morgan’s Onyx Taps Avalanche for Tokenized Funds, AVAX Jumps 14%
