Tech
JPMorgan (JPM) Launches Blockchain Settlement in BlackRock-Barclays Trade
JPMorgan Chase & Co. has launched its first collateral arrangement for clients using blockchain, as the largest U.S. bank by assets pushes forward with commercial applications based on the technology behind cryptocurrencies.
JPMorgan’s Tokenized Collateral Network, or TCN, was used by BlackRock Inc. to turn shares of one of its money market funds into digital tokens, which were then transferred to Barclays Plc as collateral for a derivatives exchange over-the-counter between the two institutions, Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, said in an interview.