Apollo, JPMorgan Test Blockchain Project for Asset Managers (1)

Apollo Global Management Inc. and JPMorgan’s Onyx Digital Assets are part of a consortium of 17 companies that are testing the usage of blockchain technology for financial institutions.

The “proof-of-concept” initiative by the two firms is part of Project Guardian, a collective effort led by the Monetary Authority of Singapore, according to a statement Wednesday. The project’s goal is to record funds onto an asset manager’s choice of blockchain, or so-called tokenization process. Wealth managers using the system can purchase and rebalance their positions in the tokenized assets across different blockchains. Blockchains that participated in the project include Provenance ...