Global banking giant JPMorgan is among the entities leading the series A funding round for digital asset startup Ownera. The startup is building digital infrastructure to connect tokenized asset networks with traditional finance world, and has raised $20 million during the funding round.
The move assumes significance coming on the back a severe turmoil in the cryptocurrency market earlier this year, when a series of selloffs tempered prices from record highs.
It should be noted that JPMorgan Chase was among the first of the big banks to place a bet on digital assets last year, even though its chairman and CEO Jamie Dimon had been a vocal critic of bitcoins in the past. In fact, since the meltdown in cryptos, JPMorgan believes there may be 'significant upside' to the digital asset, according to a recent note. CNBC quoted JPM strategist Nikolaos Panigirtzoglou in May this year saying, “past month’s crypto market correction looks more like capitulation relative to last January/February, and going forward, we see upside for Bitcoin and crypto markets more generally.” Now, this funding round signals that traditional finance hasn't abandoned blockchain technology in the crypto winter.
The funding round comes with two new board members: JPMorgan's Scott Lucas, head of markets DLT, and real estate company LRC group's Chairman Nadav Zohar. "This solution has the potential to allow qualified investors access to single assets, portfolios and real estate-based structures in tokenized form, optimizing asset allocation and removing unnecessary friction", Owner's press release quoted Nadav Zohar.
"Interconnectivity is key to maintaining a liquid marketplace for tokenized assets. Ownera has developed a solution with the potential to connect multiple platforms to start building towards that liquid marketplace", said Scott Lucas, Head of Markets DLT, J.P. Morgan.
Other investors in the round were Draper Goren Holm, Tokentus Investment AG, Accomplice Blockchain, Polymorphic Capital, The Ropart Group, and Archax.
"It is commonly accepted that the tokenization of securities has the capacity to digitize markets with total value in the trillions of dollars," said Ownera co-founder and CEO Ami Ben-David. "Dozens of platforms are being deployed by financial institutions across the market, and our job is to be the neutral layer, seamlessly interconnecting them into one global distribution and liquidity network, using open-source network specifications."
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
| 1W returns2.00% |
| 1W returns1.67% |
| 1W returns0.10% |
| 1W returns-1.72% |
| 1W returns-4.67% |
| 1W returns-5.30% |
| 1W returns-6.03% |
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
