Avalanche Gandeng JPMorgan And Apollo Global For Asset Tokenization

JAKARTA - Avalanche, a blockchain platform that offers high speed and scalability, is increasingly showing progress in its ecosystem. Recently, Avalanche announced cooperation with Onyx by JPMorgan and Apollo Global, two global financial giants, in a project called Project Guardian.

This collaboration aims to leverage blockchain technology and tokenization to simplify and automate asset management and wealth processes. Project Guardian is an initiative initiated by LayerZero Labs, a company that specializes in blockchain solutions for institutions.

Through Project Guardian, LayerZero Labs connects Onyx with Avalanche Evergreen Subnet, a dedicated blockchain designed to meet high regulatory and security standards. Thus, Onyx can offer subscription and redeeming services managed by WisdomTree Prime, a leading investment management firm, in an easy and efficient way.

Onyx is a JPMorgan business unit focused on digital innovation and technology, including blockchain and crypto assets. Apollo Global is one of the largest alternative investment managers in the world, with assets under management of more than $470 billion, equivalent to IDR 7,285 trillion.

Both use Proof of Concept (POC) consensus which shows how blockchain and tokenization can help in managing asset portfolios in real-time and transparent. This POC has been successfully tested in a testnet environment, and is expected to be the beginning of the transformation of the asset management industry and wealth.

Avalanche Evergreen Subnets is a blockchain that can be adjusted to the specific needs of each institution. This subnet has features such as compatibility with the Ethereum Virtual Machine (EVM), network privacy, flexible transaction cost features, and different licensing for validation, smart contract, and transactions. This subnet can also interact with other blockchains on the Avalanche network, which supports more than 300 digital applications and assets.

Avalanche is not only collaborating with Onyx and Apollo Global, but also with other major players in the financial sector. One of them is Citi, a well-known global bank, which has selected AvaCloud from Avalanche, a managed blockchain service that allows the creation and development of decentralized networks for various use cases.

Citi has used AvaCloud to create an application that can determine the price and execute bilateral spot foreign exchange (FX) trading, in collaboration with the Monetary Authority of Singapore (MAS) and Singapore's financial industry.

Avalanche has a mission to provide tools and technologies for global asset digitization and tokenization, by leveraging its fast, scalable, and adaptable network advantages. With the various strategic partnerships that have been built, Avalanche demonstrates blockchain potential as a force that can change the financial and economic sectors.

At the time of writing the price of AVAX, Avalanche's crypto asset, is being held at a price of IDR 354 thousand. AVAX prices have decreased by around 4.7% in the last 24 hours, following the decline in Bitcoin's main crypto price. While in a week AVAX recorded a positive score with an increase of 70.7% according to Coinecko data.