JP Morgan is launching a tokenized private-equity fund on its own blockchain, available to wealthy clients. The bank once dismissed Bitcoin but now calls tokenization inevitable for alternative investments. It's partnering with BNY Mellon on a broader rollout next year.
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JP Morgan tokenizes private equity fund on its own blockchain. This is from the Wall Street Journal out today. The same JP Morgan that criticized Bitcoin for half a decade has now fully flipped. Said Thursday that it wants to tokenize a private equity fund on its blockchain platform, an offering that's available to only wealthy clients. The move comes ahead of JP Morgan's broader rollout next year of its fund tokenization platform. Tokenization lets the bank offer clients a digital representation, representation of the ownership of an asset that lives on a blockchain ledger. Despite their past weariness of crypto, they espouse the potential of blockchain technology that underpins digital currencies streamlined by the Genius Act, which came out earlier this year. Pause. This is amazing. The fact that JP Morgan's doing this, Wall Street Journal's reporting on this. Like, 10 years ago, people in crypto, like, were dreaming of this day to happen. They're doing this in partnership with New York Mellon. If you come down here, you see this quote: For the alternative investments industry, it's just a matter of time. That a blockchain-based solution is going to be adopted, said Anton Phil, head of global alternative investment solutions for JP Morgan. I mean, it's inevitable. We've been talking about this for a long time on this channel. It's cool to see huge firms like JP Morgan coming alive to this idea of a tokenized investment fund.
