JPMorgan has started using blockchain to provide its clients with the first collateral settlement service. The bank is advancing commercial applications based on core cryptocurrency technology. Tyrone Lobban, head of JPMorgan's Onyx digital assets, stated in an interview that BlackRock used JPMorgan's tokenized collateral network (TCN) to convert one of its money market fund stocks into a digital token, which was then transferred to Barclays Bank as collateral for over-the-counter derivatives trading between the two institutions.