JP Morgan's tokenized private equity fund is the bank's first step towards a broader rollout of its fund tokenization platform.
There have been sporadic efforts by banks or asset managers to develop tokenized funds.
So definitely this is kind of one of the hottest topics on Wall Street.
Plus,
data analysis firm Palantir is suing two former employees for allegedly stealing company secrets.
And companies including Apple and Amazon report strong quarterly results.
It's Thursday, October 30th.
I'm Alex O'Sullivan for The Wall Street Journal.
This is the PM edition of What's News,
the top headlines and business stories that move the world today.
We're exclusively reporting that JP Morgan Chase has tokenized a private equity fund on its blockchain platform,
an offering that is available to the wealthy clients served by its private bank.
It's the first step in the bank's effort to make investing in alternative assets easier.
Vicky Guihuan covers crypto and retail investing for WSJ and is here now with more.
Okay, Vicky, what is tokenization?
So tokenization is essentially the conversion of either financial assets or real-world assets into tradable tokens on the blockchain.
And in this case,
JP Morgan is converting the investor's ownership interest in this private equity fund into a token on its own blockchain called Kinectus Digital Assets.
Alternative investments.
as a whole is a pretty complex and often opaque space.