JP Morgan has recently made additional significant moves in blockchain technology development. JP Morgan is now using blockchain to keep track of its collateral statements. According to the report, JPMorgan Chase & Co. has completed its first blockchain test transaction.
JP Morgan transferred collateral in tokenized money market fund shares on Friday, May 20, 2022. As a result, the collateral transmitted is of the mutual fund variety.
BlackRock, the world’s largest asset manager, provided assets to JP Morgan for the deal. BlackRock has been involved in JP Morgan’s blockchain effort since the beginning. According to the report from JPMorgan’s global head, Ben Challice, BlackRock had no direct involvement in the recent deal. However, the asset management organisation continues to investigate blockchain technologies.
Challice also discussed the firm’s growth intentions at its new location. As tokenized collateral, this would contain fixed income and stocks. He claims that they could engage in quick and smooth exchanges of collateral assets.
This latest action by JPMorgan will benefit investors. They may now do more trades outside of normal market hours. They can also use a variety of assets as security for such deals.
JPMorgan CEO Jamie Dimon on Bitcoin
JP Morgan is no newcomer to the blockchain space. Throughout its many years of operation, the company has created a number of items.
The odd aspect of JP Morgan’s approach to the blockchain industry is its CEO, Jamie Dimon’s, viewpoint. It’s astonishing how resentful and uninterested Dimon is in Bitcoin.
He declared Bitcoin to be worthless and a scam. On the other hand, Dimon has limited his own holdings to digital assets. He claimed that because certain consumers had requested the crypto token, his business would step in to ensure customer service.
The company launched Quorum, a blockchain initiative, and an Ethereum enterprise edition in 2016. ConsenSys repurchased Quorum from JP Morgan in August 2020. Following the sale of Quorum, JP Morgan released another product, Onyx, in October 2020. It debuted as an internal blockchain product with a stablecoin to back it up.
JP Morgan also expanded its blockchain operations. The corporation spent more than $300 billion on deals, with Goldman Sachs playing a role in some of them.
