JPMorgan Debuts Blockchain Collateral Settlement in BlackRock-Barclays Trade
- Tech could speed transactions, see more efficient capital use
- JPMorgan had tested its Tokenized Collateral Network in May
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JPMorgan Chase & Co. has gone live with its first collateral settlement for clients using blockchain, as the largest US bank by assets pushes ahead with commercial applications built on the technology at crypto’s core.
JPMorgan’s Tokenized Collateral Network, or TCN, was used by BlackRock Inc. to turn shares in one of its money market funds into digital tokens, which were then transferred to Barclays Plc as collateral for an over-the-counter derivatives trade between the two institutions, Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, said in an interview.