JPMorgan launches tokenized collateral network, Bloomberg reports

JPMorgan (JPM) says BlackRock (BLK) used the bank’s Tokenized Collateral Network to move collateral almost instantaneously, compared with over the course of a day, and plans to add more clients, Bloomberg’s Anna Irrera reports. The TCN was used by BlackRock to turn shares in one of its money market funds into digital tokens, which were then transferred to Barclays (BCS) as collateral for an over-the-counter derivatives trade between the two institutions, Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, said in an interview. JPMorgan tested TCN using an internal transaction in May, the report notes.