AVAX Zooms Higher After J.P.Morgan's Onyx Teases Avalanche For Tokenized Funds

J.P.Morgan Chase & Co.’s JPM Onyx and Apollo Global have teamed up to launch a proof-of-concept (PoC) with Avalanche AVAX/USD under the Monetary Authority of Singapore's Project Guardian, as reported on its blog. 

Also Read: JPM Coin Transactions 'Going To Start Taking Off,' JPMorgan Predicts Daily Volume To Hit $10B

“This initiative under Project Guardian fundamentally aligns with Ava Labs’ mission to provide the tools and tech to digitize and tokenize the world’s assets while harnessing the speed, scalability, and customizability of Avalanche,” said Ava Labs President John Wu. Avalanche is part of Ava Labs.

Price Action: In the past 24-hour trading session, Avalanche price gains stood at 23%, taking the monthly gains to 117% at the time of writing. The past 24-hour trading volume expanded by 47% with a market cap expansion of 23%. U Today reported that around 5.46 million addresses held Avalanche at its lowest point. Of the total, around 160 addresses have reported profit while those in breakeven are 27,640.

Why It Matters: The PoC highlights how blockchain technology, smart contracts and tokenization can automate portfolio management and also include alternatives along with liquid assets in discretionary portfolios.

The Onyx digital assets offering already processes $1 billion-$2 billion in tokenized assets daily and settled more than $950 billion in tokenized treasuries since launch.

A LayerZero protocol will be used to connect Onyx Digital Assets with an Avalanche Evergreen subnet which is an individual blockchain particularly designed for meeting institutional needs. Extra consideration will have to be given to network privacy, gas features and permissions.

This makes it possible for Onyx Digital Asset portfolios to access tokenized funds offered by WisdomTree.

Read Next: Singapore's 'Project Guardian' Teams Up With Top Financial Titans For Asset Tokenization Pilots

Photo: Shutterstock