Global $4 trillion U.S. bank JP Morgan has continued to embrace the crypto industry, as the banking giant has joined the list of highly reputable firms launching tokenized money market funds on-chain.
The big move, which has caught the attention of the crypto community, has also triggered an optimistic reaction from Tom Lee, the chairman of the publicly traded Ethereum treasury company BitMine Immersion Technologies (BMNR).
Ethereum's big move ahead?
Tom Lee has reacted to the development, claiming that the move is bullish for Ethereum, as the bank had specifically launched the tokenized money-market fund on the Ethereum blockchain.
While the bank’s CEO, Jamie Dimon, had recently acknowledged the growing demand for its blockchain-based financial services from institutional investors, the former anti-crypto firm appears to be increasingly leaning toward the industry.
With this development, JP Morgan has become the biggest world-class financial institution to launch a tokenized MMF on a public blockchain. Notably, this is also the first-ever tokenized money-market fund JP Morgan has launched.
Following this big development, the crypto community has expressed excitement, as the move propels Ethereum toward more adoption and daily usage, positioning its price for an explosive move in the future.
What to expect from JP Morgan’s MMF?
With the new development, JP Morgan is bringing blockchain technology to the fingertips of its large number of investors, allowing them to easily commit their funds on the blockchain network while maximizing returns.
Qualified investors will be able to access the product, also dubbed “My OnChain Net Yield Fund (MONY),” through JP Morgan’s institutional liquidity platform, Morgan Money.
With “My OnChain Net Yield Fund (MONY),” JP Morgan’s clients will be able to invest idle funds on Ethereum to earn a yield. The product will leverage Ethereum’s speed, and settlements will be executed faster at any time of the day, while also allowing investors access to real-time visibility.
The move seeks to expand the capabilities of the traditional banking system and improve the speed and efficiency of transactions.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team