Financial giants JPMorgan and Apollo Global Management have announced the successful launch of an enterprise DLT network. It’s already processing over $2 billion worth of transactions daily. The network is powered by Project Guardian.
Tyrone Lobban, Managing Director at JPMorgan, and Christine Moy, Partner at Apollo Global Management, spoke in an interview with Forbes about their successes with tokenized assets as part of testing Project Guardian’s capabilities. The companies launched an enterprise blockchain network for working with tokenized assets, available to institutional clients on the Onyx Digital Assets platform.
Under Project Guardian, financial institutions have been able to develop optimal software stacks that allow for independent interoperability between different asset pools.
Moreover, production-grade tokenization has helped create intraday repo, JPMorgan’s new tradable product. According to internal research, intraday repo can reduce transaction costs by more than 55% compared to the current cost of funding. The intraday repo market is already reaching about $2 billion per day, and the total value of trades processed has exceeded $900 billion.
The project provides extensive scalability and is already attracting institutional banks, broker dealers, and asset managers. All corporate users of the trading platform are required to pass the KYC procedure. Goldman Sachs, DBS Bank, and BNP Paribas were mentioned among the active users of the new financial instrument in the interview.
Two weeks ago, the Monetary Authority of Singapore (MAS) announced five new pilot projects as part of the Project Guardian expansion. One of them was a project by JPMorgan and Apollo, designed to explore the use of digital assets to provide smoother investments, manage alternative assets, automate portfolio rebalancing, and scale systems.
On October 31, it also became known that Project Guardian had established a special working group, which included representatives of regulators from Singapore, Switzerland, Japan, and the United Kingdom. The group’s main goal is to facilitate the development of common standards and regulatory framework for the digital asset ecosystem.
