Onyx and Apollo explore tokenization in investments across blockchains

Thursday 16 November 2023 13:44 CET | News

Axelar, Oasis Pro, and Provenance Blockchain have joined forces with Onyx by J.P. Morgan and Apollo in Monetary Authority of Singapore’s (MAS) Project Guardian.


Axelar, Oasis Pro and Provenance Blockchain have collaborated with Onyx by J.P. Morgan and Apollo under the Monetary Authority of Singapore’s Project Guardian, to demonstrate how blockchain technology could be used to manage large-scale client portfolios, execute trades, and enable automated portfolio management of tokenized financial assets.


Axelar, Oasis Pro, and Provenance Blockchain have joined forces with Onyx by J.P. Morgan and Apollo in Monetary Authority of Singapore’s (MAS) Project Guardian.

Tokenizing fund management

J.P. Morgan's Onyx Digital Assets team ran development of a proof-of-concept (POC) system in collaboration with Apollo, with the goal of enabling fund managers to tokenize funds onto their chosen blockchain, and to enable wealth managers to purchase and rebalance positions in tokenized assets across multiple, interconnected blockchains. The POC standardises processes to settle transactions on interoperable blockchains.

Within the POC, Onyx Digital Assets leveraged the Axelar network to enable interoperability with a private and permissioned Provenance Blockchain Zone. Oasis Pro enabled the tokenization of assets, such as Apollo funds, on the Provenance Blockchain Zone.

Officials from Onyx said that their goal is to create solutions that bring significant efficiencies and enable better outcomes for asset and wealth managers and investors through personalised, highly scalable portfolios, regardless of asset class or where those assets are managed and recorded. The interoperability achieved through Project Guardian is a step forward in showing how tokenized traditional and alternative investments can be automatically managed across multiple systems.

Blockchain milestones and contributions to finance

The POC, detailed in a report, is the latest step forward by J.P. Morgan’s Onyx Digital Assets and Apollo in advancing blockchain finance. In October 2023, Onyx Digital Assets executed a groundbreaking on-chain transaction to convert money-market shares into digital collateral for transfer between counterparties in an over-the-counter derivatives trade. In 2022, Apollo launched a digitally native investment vehicle to demonstrate how blockchain technology could support on-chain fund subscriptions, ongoing fund operations and fund administration for private funds.

Provenance Blockchain, meanwhile, has supported over USD 16 billion in transactions, and currently has USD 9 billion in real-world financial asset value locked on-chain, including funds, loans, and private equity. Purpose-built for financial services, Provenance Blockchain is in use with more than 70 financial institutions and has played a key role in several financial-services firsts, including the first blockchain-native consumer loans, first asset-backed securitization on blockchain and the first bank-minted tokenized deposits in the United States.

Axelar network connects 50+ chains over a decentralized cross-chain network that provides decentralized security and permissionless programmability. Increasingly, large enterprises are looking to Axelar network to integrate off-chain systems with on-chain networks, as well. For this POC, Axelar Inc. helped deploy private instances of the Axelar blockchain to meet requirements.

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Keywords: blockchain, digital assets, tokenization, cryptocurrency, personal finance management
Categories: DeFi & Crypto & Web3
Companies: Apollo, J.P. Morgan, Provenance Blockchain
Countries: Singapore
This article is part of category

DeFi & Crypto & Web3



J.P. Morgan


Provenance Blockchain

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