Web3 infrastructure provider Biconomy works with Onyx, by J.P. Morgan,
for Project Guardian
DUBAI, November 15, 2023 — Traditional finance and decentralized blockchain ecosystems took another step towards meaningful testing of asset tokenization and cross-chain interoperability.
Web3 infrastructure provider Biconomy, trusted by more than 400 partners and projects, continues its collaboration with Onyx, by J.P. Morgan, to further develop the institutional use cases within Project Guardian.
Project Guardian is the Monetary Authority of Singapore’s collaborative initiative that seeks to test the feasibility of applications in asset tokenization and DeFi while managing risks to financial stability and integrity.
Under the first industry pilot of Project Guardian in November 2022, J.P. Morgan, SBI Holdings, and DBS successfully conducted various pilots involving foreign exchange and government bond transactions against liquidity pools consisting of 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 — a new account standard for Account Abstraction in Web3 — Onyx by J.P. Morgan built a solution that demonstrated how Fund Managers executing transactions on a permissioned Avalanche subnet could do so without having to pay gas fees on the network. With Account Abstraction, Fund Managers have their own Smart Accounts that are programmable and can initiate custom transactions easily. Biconomy’s dynamic ‘Paymaster’ service ensured all transaction gas fees were covered. Using the Sponsorship Paymaster mode to create a smart contract wallet with Biconomy, the Fund Manager could easily and seamlessly deploy new Funds in the form of smart contracts, as well as enable subscriptions and redemptions in those funds through mint and burn transactions, without worrying about obtaining gas tokens to cover the transaction fees.
Tyrone Lobban, Head of Onyx Digital Assets, says, “Our goal is to build new infrastructure for the financial services industry that can unlock utility and increase efficiency of traditional assets. Removing barriers in accessing this technology is an important step. In this POC we demonstrated how Fund Managers can leverage new concepts such as account abstraction to manage tokenized funds, in a user-friendly, low friction way."
Aniket Jindal, COO and co-founder of Biconomy, adds, “We’re excited to grow meaningful and applicable use cases for financial institutions to leverage secure and decentralised blockchain technology. We’re committed to help trusted institutions onboard web2 companies and the next billion users to unlock the full potential of web3."
Biconomy is a developer platform setting UX standards for seamless blockchain transactions. Biconomy empowers the world’s best developers to deliver web2-like experiences in their dApps. As pioneers of Account Abstraction (ERC-4337), Biconomy has on-boarded over 4M unique users across 400+ dApps while partnering with companies such as J.P. Morgan, DYDX, The Sandbox, and Decentraland.
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