Axelar partners with JPMorgan Onyx and Apollo to complete the next-generation proof of concept, showcasing innovative applications of blockchain in $5.5 billion investment management

ChainCatcher news, the cross-chain infrastructure protocol Axelar (AXL) recently collaborated with JPMorgan's digital asset platform Onyx and alternative asset management firm Apollo to implement a proof of concept (POC) project, demonstrating how to use smart contracts to manage large-scale client portfolios. In this proof of concept, blockchain technology was utilized to execute transactions and automate the portfolio management of tokenized financial assets (i.e., real-world assets, RWA).

Axelar (AXL)'s cross-chain infrastructure protocol connects value and communication to over 50 blockchains through a secure and programmable network, and has now integrated off-chain systems with on-chain networks through a hybrid system. JPMorgan's Onyx leverages Axelar (AXL)'s cross-chain technology to achieve interoperability with the Provenance blockchain, which currently locks in $9 billion in real-world financial asset value on-chain.

Axelar (AXL) CEO Sergey Gorbunov stated that with Axelar, JPMorgan's Onyx is able to bring composability and programmability into portfolio management, showcasing the powerful potential of blockchain interoperability by managing 100 portfolios through automated modularization. Since the mainnet launch in 2022, Axelar has transferred over $6 billion in value through its cross-chain protocol and a network of 53 chains.