🔥🔥🔥 FIDELITY INTERNATIONAL TOKENIZED MONEY MARKET FUNDS ON JPMORGAN'S BLOCKCHAIN‼️
➡️ London-based fund management firm Fidelity International tokenized shares in money market funds using JPMorgan's Ethereum-based private blockchain network Onyx Digital Assets. Fidelity International noted that tokenization occurs almost instantaneously on JPMorgan's Onyx blockchain via the Tokenized Collateral Network.
➡️ Tokenization aims to create virtual investment instruments that represent real-world assets such as real estate, precious metals and collectibles, and this is a key area of innovation for banks. JPMorgan pioneered the field by conducting the first live blockchain-based margin settlement transaction involving tokenized shares in the BlackRock money market fund last October.
➡️ Fidelity International's Head of Debt Capital Markets, Stephen Whyman, stated that tokenization provides efficiency in meeting margin requirements and a reduction in transaction costs. Keerthi Moudgal, head of product at Onyx Digital Assets, emphasized that Fidelity's participation adds a new asset to their network, complicating the collateral landscape.
🔥🔥🔥 this development is seen as an important step in the adoption of tokenization in order to increase efficiency in the financial system and reduce transaction costs‼️