JPMorgan, Apollo plan for enterprise mainnet, execs reveal

cointelegraph.com:

Executives of banking giants JPMorgan Chase and Apollo revealed plans for a tokenized enterprise mainnet formed during a collaboration on the Monetary Authority of Singapore’s (MAS) Project Guardian pilot project. 

On Nov. 15, the MAS introduced five additional industry pilots to Project Guardian to test various use cases around asset tokenization, which saw participation from 17 member financial institutions, including JPMorgan and Apollo. The duo collaborated to test digital assets for more seamless investment and management of discretionary portfolios and alternative assets, automated portfolio rebalancing and customization at scale.

In a Forbes interview, Christine Moy, partner at Apollo Global Management, explained how production-grade tokenization helped create intraday repo, JPMorgan’s new tradable product. The lender’s blockchain head, Tyrone Lobban, revealed that the new system has already processed over $900 billion in assets, adding:

According to Moy, the system performs as an enterprise mainnet, and she sees it as having a first-mover advantage in the race for offering tokenized investment instruments. She said:

The enterprise mainnet provides the scalability to add applications to a network with an existing Know Your Customer (KYC)-compliant set of institutional banks, broker-dealers and asset managers.

Related: Singapore central bank to trial live wholesale CBDC for settlements

Through Project Guardian, financial institutions are working out the ideal software stacks that could accommodate agnostic interoperability across different pools of assets.

On Nov. 24, the MAS laid down measures for Digital Payment Token (DPT) service providers to discourage speculation in cryptocurrency investments.

Determining