JPMorgan tests blockchain technology for after-hours trading

The world’s largest investment bank, JPMorgan, has reportedly begun trialling blockchain technology for collateral settlements. Bloomberg reports that JPMorgan already made the first transaction with their . a few days ago private implemented blockchain.

JPMorgan tests blockchain transactions

This first trial transaction, which took place on May 20, was a ‘tokenized’ representation of money market fund shares of BlackRock. BlackRock is the largest asset manager in the world with over $10 trillion in assets under management. The asset manager is not officially a party to the development of blockchain technology at JPMorgan but works closely with the investment bank.

Although this was only a single transaction, the plans for JPMorgan in the future are ambitious. The bank indicated that it eventually wants to enable investors to buy a wide range of assets, including cryptocurrenciesto be offered as collateral. It is important here that this is also possible outside regular market hours, i.e after hours.

According to Tyrone Lobban, the head of Blockchain Launch at JPMorgan, the bank is currently at the forefront of blockchain technology in the financial world. He indicates that in the future the investment bank will provide more products and services that involve blockchain.

“There will be a growing array of financial activities on the public blockchain, so we want to make sure that we are not only able to support that, but also ready to provide related services.”

JPMorgan embraces crypto

It seems that JPMorgan is becoming increasingly convinced of the possibilities of blockchain and crypto technology. Earlier this week It was also announced that the bank sees crypto assets as very attractive ‘alternative’ investments. The bank is currently even more interested in crypto investments than in real estate.

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It is a clear example of the extent to which the traditional financial world is starting to cautiously embrace the crypto industry. This trend has been visible for some time, but this adoption has gained momentum in the past year.

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