JPMorgan Chase (NYSE: $JPM), the world’s largest commercial bank, has filed with regulators to launch a new tokenized money market fund.
This would be JPMorgan’s first tokenized fund and comes as major Wall Street firms move traditional assets onto blockchain rails
A filing with the U.S. Securities and Exchange Commission (SEC) outlines plans for a blockchain-based money-market fund that invests exclusively in short-term U.S. Treasuries.
More From Cryptoprowl: The fund, called JPMorgan OnChain Liquidity-Token Money Market Fund, will trade under the ticker symbol “JLTXX.” The fund will maintain blockchain-based token balances tied to investors’ ownership records, allowing approved users to submit purchase, redemption, and transfer requests via the Ethereum (CRYPTO: $ETH) network. The underlying blockchain infrastructure will be operated by Kinexys Digital Assets, JPMorgan’s proprietary blockchain unit formerly known as Onyx. News of JPMorgan’s move into tokenized funds comes days after asset manager BlackRock (NYSE: $BLK) filed paperwork for a new tokenized Treasury reserve vehicle.