US banking giant J.P. Morgan launched its internal blockchain-based tokenization application, Tokenized Collateral Network (TCN) on October 11. TCN completed its first trade with the world’s largest asset manager, BlackRock.
Tokenized Collateral Network is an application that allows investors to utilize assets as collateral. Using blockchain technology, investors can transfer ownership of collateral without moving the asset into the underlying ledger.
In the first public collateral trade between J.P. Morgan and BlackRock, TCN converted shares of one money market fund into digital tokens, which were then transferred to Barclays bank as collateral for an over-the-counter derivatives exchange between the two firms.
The first internal test of TCN was conducted by J.P. Morgan in May 2022. TCN was launched to simplify and scale the traditional settlement process on the blockchain. The use of decentralized technology makes the process faster, safer and more efficient.
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