Today JP Morgan’s Onyx division unveiled its Tokenized Collateral Network (TCN) with BlackRock and Barclays going live on the Onyx Digital Assets platform. The first transaction involved BlackRock tokenizing shares in a BlackRock Money Market Fund and pledging them as collateral with Barclays for a derivatives contract.
BlackRock and JP Morgan have been working together on this for more than a year.
One of the challenges with collateral is the transfer of ownership of assets takes time to settle. In contrast, using blockchain and tokenization it’s possible to settle instantly.
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