AVAX Zooms Higher After J.P.Morgan's Onyx Teases Avalanche For Tokenized Funds
Portfolio Pulse from Khyathi Dalal
J.P. Morgan Chase & Co.'s Onyx and Apollo Global have launched a proof-of-concept with Avalanche under Singapore's Project Guardian. The initiative aims to digitize and tokenize assets using Avalanche's technology. Avalanche's price surged by 23% in the past 24 hours, with monthly gains reaching 117%. The Onyx digital assets platform processes $1-$2 billion in tokenized assets daily and has settled over $950 billion in tokenized treasuries. A LayerZero protocol will connect Onyx Digital Assets with an Avalanche subnet designed for institutional needs, allowing access to tokenized funds by WisdomTree.
November 15, 2023 | 9:22 pm
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POSITIVE IMPACT
J.P. Morgan's Onyx has partnered with Apollo Global and Avalanche for a proof-of-concept under Project Guardian, which could enhance J.P. Morgan's position in the digital asset space and potentially increase its revenue from tokenized assets.
The partnership with Avalanche and the proof-of-concept for tokenizing assets could lead to increased adoption and usage of J.P. Morgan's Onyx platform, potentially resulting in higher transaction volumes and revenue. The positive news about the partnership and the current success of Onyx in processing tokenized assets could lead to increased investor confidence and a short-term positive impact on JPM's stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80