Avalanche Surges 14% as JPMorgan and Apollo Launch Tokenized Asset Management Proof-of-Concept in Singapore
-
Onyx by J.P. Morgan and Apollo Global unveiled a proof-of-concept with Avalanche under Singapore's Project Guardian, which could transform asset and wealth management through blockchain and tokenization.
-
The proof-of-concept caused AVAX, Avalanche's native token, to surge 14% to $20.31. AVAX is up 60% over the past week.
-
LayerZero is connecting Onyx Digital Assets with an Avalanche Evergreen subnet designed for institutional needs like privacy, gas features, and permissioning.
-
The infrastructure allows Onyx portfolios to access WisdomTree's tokenized funds. WisdomTree has $94 billion AUM and may launch a Bitcoin ETF.
-
Project Guardian, launched in May 2022, helps Singapore's regulator explore asset tokenization use cases. J.P. Morgan, DBS and SBI Digital Asset Holdings previously used Polygon for tests.