{"id":1481,"date":"2023-04-28T15:05:24","date_gmt":"2023-04-28T19:05:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/jpmorgan-pursues-tokenization-plans-despite-crypto-downturn-and-regulatory-hurdles\/"},"modified":"2023-04-28T15:05:25","modified_gmt":"2023-04-28T19:05:25","slug":"jpmorgan-pursues-tokenization-plans-despite-crypto-downturn-and-regulatory-hurdles","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1481","title":{"rendered":"JPMorgan Pursues Tokenization Plans Despite Crypto Downturn and Regulatory Hurdles"},"content":{"rendered":"
\n

Major Wall Street investment bank JPMorgan is moving forward with its push to tokenize traditional financial assets despite last year\u2019s market downturn.<\/p>\n

According to Tyrone Lobban, the head of JPMorgan\u2019s digital asset and tokenization platform Onyx, the bank has already processed close to $700 billion in short-term loans on Onyx, with more to come in the near future.<\/p>\n

\u201cWe think that tokenization is a killer app for traditional finance,\u201d Lobban was quoted as saying in a CoinDesk interview this week, while adding:<\/p>\n

\n

\u201cIf you think about private markets \u2013 private credit, private equity and private real estate \u2013 they are pretty much double the size of public markets, but many orders of magnitude less liquid, so there\u2019s this huge disparity,\u201d<\/p>\n<\/blockquote>\n

A temporary setback<\/h2>\n

Despite the optimism about the future, Lobban admitted in the interview that the Onyx team has felt first-hand the effect of the crypto market downturn as well as regulatory crackdowns in the US, and said things could take a bit longer than expected to play out.<\/p>\n

\u201cThe timing might be a little bit longer than what it was before, but our strategy hasn\u2019t changed at all,\u201d Lobban said.<\/p>\n

He added that the recent setbacks mean very little over the long term.<\/p>\n

\u201cIn any case, there\u2019s so much work to do that these kinds of momentary lows are really very minor over the long term. We\u2019re lucky to have the resources to be able to actually deliver on these very big use cases, and if we can help bring more clarity to regulators and help them understand the value, then that\u2019s only a good thing as well,\u201d JPMorgan\u2019s Lobban said.<\/p>\n

Onyx is a permissioned version of the Ethereum blockchain created by JPMorgan for use between different banking partners.<\/p>\n

The platform has so far been mainly used to make transactions in the so-called repo (repurchase) market, a market where institutions can borrow assets for short-term financing needs.<\/p>\n

Among the banks that are known to have joined JPMorgan on the platform are Goldman Sachs (GS), BNP Paribas and DBS Bank, while several other banks and financial institutions are considering to sign up.<\/p>\n

When word first came out in May last year that JPMorgan was serious about its tokenization plans, some in the crypto community said the fact that banks are showing off their enterprise blockchain projects can be seen as a \u201cfire signal we’re in a bear market.\u201d<\/p>\n

In addition to having Onyx, JPMorgan is well-known in crypto circles for launching its own centralized\u00a0digital token known as JPM Coin all the way back in 2019.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Major Wall Street investment bank JPMorgan is moving forward with its push to tokenize traditional financial assets despite last year\u2019s market downturn. According to Tyrone Lobban, the head of JPMorgan\u2019s digital asset and tokenization platform Onyx, the bank has already processed close to $700 billion in short-term loans on Onyx, with more to come in […]<\/p>\n","protected":false},"author":1,"featured_media":1482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-1481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nJPMorgan Pursues Tokenization Plans Despite Crypto Downturn and Regulatory Hurdles | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Major Wall Street investment bank JPMorgan is moving forward with its push to tokenize traditional financial assets despite last year\u2019s market\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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