Wall Street Giants Explore Blockchain Technology to Revolutionize Financial Services
Summary:
Wall Street entities, including JPMorgan and WisdomTree, are seeking ways to convert blockchain proofs-of-concept from Project Guardian into fully operational products. JPMorgan aims to apply learnings from a pilot program with the Monetary Authority of Singapore, focusing on investment fund tokenization. On the other hand, WisdomTree is targeting portfolio personalization and integration with conventional banking services through on-chain offerings. Project Guardian, which launched in May 2022, explores decentralized finance applications and asset tokenization in wholesale funding markets.
Major Wall Street heavyweights are exploring methods to evolve proofs-of-concept from the blockchain research initiative, Project Guardian, into practical applications. Stephanie Lok, who supervises JPMorgan's blockchain program Onyx, said during the TokenizeThis event in Miami on May 10, that the company is keen on transforming the insights gained from their trial run with the Monetary Authority of Singapore into usable products. A significant portion of their attention is devoted to the domain of investment fund tokenization, she shared.
Another conventional establishment showing an intensive focus on tapping into blockchain-facilitated finance transition is asset management giant, WisdomTree. Maredith Hannon, the executive responsible for business growth at WisdomTree, disclosed that their strategic objective includes the tailoring of investment portfolios besides their integration with regular banking services.
Hannon also pointed to the numerous possibilities flowing from real-world asset tokenization for investors, such as an almost limitless variety of risk profiles and allocation types. WisdomTree is not just focusing on tokenization, but they are also exploring the potential for an array of on-chain services presented through a single interface for consumers. Hannon mentioned a planned application that will consolidate diverse financial services, including regular banking functions with tokenized portfolios.
Project Guardian, initiated in May 2022, is studying the practicality of applying decentralized finance (DeFi) and asset tokenization in the sector of wholesale financing. Its focal point is the development of open and interoperable networks, enterprise-grade DeFi protocols, asset tokenization, and building trustworthy infrastructure. Major contributors to Project Guardian are JPMorgan, DBS Bank, SBI Digital Asset Holdings, and WisdomTree. WisdomTree, one of the asset management firms that created a Bitcoin exchange-traded fund (ETF), is also a key participant.
Published At
5/11/2024 5:02:46 PM
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