In Project Guardian’s latest proof-of-concept, JP Morgan’s Onyx used Biconomy’s Sponsorship Paymaster mode. The fund managers’ involvement in this project made smart contracts that reflected the fund’s investments easy to deploy. Their ability to generate and burn transactions without gas token balances is significant.
The collaboration is aimed at establishing institutional use cases in Project Guardian
This partnership advances asset tokenization and cross-chain interoperability research in conventional banking and decentralized blockchain ecosystems. Biconomy, a trusted provider of Web3 infrastructure with more than 400 partners and projects, continues its partnership with JP Morgan’s Onyx. The main goal of this collaboration is to establish institutional application cases of Project Guardian. Project Guardian is a remarkable partnership of the Singapore Monetary Authority. Its main purpose is to assess asset tokenization and DeFi applications. The project gives priority to financial stability and integrity risk management.
We’re proud to announce that @JPMorgan’s Onyx has used Biconomy’s Sponsorship Paymaster mode in Project Guardian’s latest Proof-of-concept!
This allowed fund managers in the project to seamlessly deploy smart contracts representing fund investments, instructing mint and… pic.twitter.com/JkQYQMRTpZ
— Biconomy (@biconomy) November 15, 2023
For Project Guardian’s first industrial pilot in November 2022, JP Morgan, SBI Holdings and DBS successfully implemented several pilots. During the pilots, foreign exchange and government bonds were traded against tokenized Singapore Government Securities Bonds, Japanese government bonds, Japanese yen (JPY) and Singapore Dollar (SGD).
By leveraging Biconomy’s on-chain and off-chain ERC-4337 infrastructure, JP Morgan’s Onyx has advanced the work. This infrastructure introduces a Web3 Account Abstraction standard. The approach showed fund managers that they could transact on an authorized Avalanche subnet without paying gas fees. Account Abstraction allows fund managers to use programmable Smart Accounts to easily initiate customized trades.
Onyx Digital Assets Head Advocates New Financial Infrastructure in Proof-of-Concept
Biconomy’s dynamic ‘Paymaster’ system covered all transaction gas fees. Sponsorship Paymaster helped the fund manager create a smart contract wallet with Biconomy. Smart contracts made adding funds easy. It also made mint and burn transactions easier for subscribing and exchanging funds, eliminating the need for gas tokens to cover transaction fees.
Tyrone Lobban, head of Onyx Digital Assets, emphasized the need for new financial services infrastructure to increase utility efficiency and asset management. The proof-of-concept showed that fund managers can use account abstraction concepts to manage tokenized money easily and efficiently.
Biconomy COO and co-founder Aniket Jindal expressed his enthusiasm for large and practical applications of financial institutions. Secure and decentralized blockchain technology is used to integrate renowned institutions and web2 companies. It enables the full capabilities of web3 to the next billion consumers.
