As reported by BlockBeats on November 15, the cross-chain infrastructure protocol Axelar (AXL) recently collaborated with Onyx, a digital asset platform owned by JPMorgan Chase, and Apollo, an alternative asset management firm, to carry out a proof-of-concept (POC) project. This project demonstrated the application of smart contracts in managing large-scale client portfolios.
In this POC, blockchain technology was used to execute transactions and facilitate the automated portfolio management of tokenized financial assets (i.e., Real World Assets or RWA). Axelar's (AXL) cross-chain infrastructure protocol bridges value and communication across more than 50 blockchains via a secure, programmable network. It now merges off-chain systems and on-chain networks through hybrid systems.
J.P. Morgan’s Onyx uses Axelar’s (AXL) cross-chain technology to ensure harmony with the Provenance blockchain, which presently has $9 billion in real-world financial asset value locked on-chain.
Sergey Gorbunov, CEO of Axelar (AXL), stated that with Axelar, JPMorgan Chase’s Onyx can introduce composability and programmability into portfolio management, demonstrating the immense operational potential of managing 100 portfolios through blockchain interoperability and automated modularity.
Since its mainnet launch in 2022, Axelar has transferred over $6 billion in value via its cross-chain protocol and network of 53 chains.