JPMorgan comes up with its own crypto network

The next step in the crypto industry: US major bank JPMorgan is launching its own crypto network, the Tokenized Collateral Network (TCN for short). It is built on the Onyx blockchain.

It makes it possible to tokenize assets on the blockchain. The advantage: speed. Transactions happen instantly instead of taking a day. The first transaction took place between BlackRock and Barclays.

The service will be greatly expanded in the future, the company said in a press release. JPMorgan has already launched its own stablecoin for payments, JPMCoin, in 2019. It has already been used to transfer more than $300 million. Wall Street, meanwhile, has been penetrating the crypto market for several years.