Investment bank JPMorgan has successfully tested the transfer of collateral assets in its own private blockchain.
According to the company, some of its employees have completed the transaction of tokenized units of the money market fund, owned by the investment firm BlackRock.
This fund included fiat currency, as well as debt securities with a high credit rating. The operation was carried out as part of the settlement of a transaction for issuing a loan.
Ben Challis, head of trading services at JPMorgan, has said:
“We were able to list the collateral assets instantly and without a hitch. BlackRock did not act as a counterparty, but from the first day it took an active part in the experiment and testing of technology.”
Tyrone Lobban, head of the blockchain department at JPMorgan, predicts an increase in the popularity of public decentralized networks. To keep up with the times, the bank is preparing to start providing a wide range of services related to the use of blockchain technology.