- Onyx Digital Assets, JP Morgan’s blockchain subsidiary, has partnered with Apollo Global and Avalanche to explore tokenized funds, aiming to streamline portfolio management and increase access to alternative assets.
- The collaboration utilizes Avalanche’s native token AVAX and its Evergreen subnets to connect Onyx portfolios with WisdomTree’s tokenized funds, enabling institutions to access decentralized finance.
- The proof-of-concept demonstrates the potential to revolutionize asset and wealth management through blockchain technology, smart contracts, and tokenization according to the companies involved.
JP Morgan’s blockchain subsidiary Onyx has partnered with Apollo Global and Avalanche to explore tokenized funds. This collaboration aims to streamline portfolio management and increase access to alternative assets using blockchain technology.
Onyx and Avalanche Team Up
Onyx Digital Assets and Apollo Global Management have unveiled a proof-of-concept with Avalanche as part of Singapore’s Project Guardian initiative. The companies said this could transform asset and wealth management through blockchain, smart contracts, and tokenization.
The proof-of-concept shows the potential to simplify portfolio management, especially for alternative assets that have been challenging to trade and manage.
Avalanche’s AVAX Token Surges
This has been positive news for AVAX, Avalanche’s native token. After the announcement, AVAX rose to $20.31, a 14% price increase over 24 hours. This also represents a 60% gain compared to last week, according to CoinGecko.
Connecting Institutions via Evergreen Subnets
The LayerZero protocol is being used to connect Onyx with an Avalanche Evergreen subnet. Evergreen subnets are individual blockchains designed specifically for institutions. They prioritize network privacy, gas features, and permissions.
This infrastructure enables Onyx portfolios to access WisdomTree’s tokenized funds. WisdomTree is a $94 billion asset manager also working on a spot Bitcoin ETF.
Revolutionizing Asset Management
“By leveraging blockchain technology, we’ve shown how constructing and managing portfolios could be revolutionized,” said Tyrone Lobban, Head of Onyx Digital Assets.
Avalanche President John Wu said this “fundamentally aligns with Ava Labs’ mission to provide the tools and tech to digitize and tokenize the world’s assets.”
The collaboration between Onyx, Avalanche, and Apollo Global under Project Guardian demonstrates the possibilities for tokenizing assets. By connecting institutional portfolios to decentralized finance, this could transform traditional asset and wealth management.