JPMorgan remains committed to its roadmap for tokenizing traditional financial assets, despite regulatory uncertainty and the current market conditions in the public cryptocurrency markets. The bank has been conducting short-term loan transactions using the Onyx Digital Assets platform, a permissioned version of Ethereum, where clients can trade using tokens denoting ownership rights to U.S. Treasuries as well as using blockchain bank accounts, known as JPM Coin. Among the clients using the Onyx-based repo service are Goldman Sachs, BNP Paribas, and DBS Bank. The focus would next move to tokenizing assets that are traditionally hard to finance, like money market funds, and using them for collateral purposes.

(By Ian Allison)