JPMorgan debuts tokenization platform TCN with BlackRock among key clients: Report
The platform enables the conversion of traditional assets into digital assets and makes way for faster and more secure settlements on-chain. American banking giant JP Morgan debuted its in-house blockchain collateralization platform called Tokenized Collateral Network (TCN) on Oct. 11, reported Bloomberg. TCN settled its first trade for asset management giant BlackRock. Tokenized Collateral Network is an application that allow investors to utilize assets as collateral. Using blockchain technology they can transfer collateral ownership without moving assets in underlying ledgers. The TCN network in its first public collateralized trade between JP Morgan and BlackRock turned shares of one money market fund into digital tokens, which were then transferred to Barclays Plc as security for an over-the-counter derivatives exchange between the two companies. The first internal test of TCN was conducted by JPMorgan in May 2022 and has a pipeline of other clients and transactions now that T...