Major Wall Street investment bank JPMorgan is moving forward with its push to tokenize traditional financial assets despite last year’s market downturn.

According to Tyrone Lobban, the head of JPMorgan’s digital asset and tokenization platform Onyx, the bank has already processed close to $700 billion in short-term loans on Onyx, with more to come in the near future.

“We think that tokenization is a killer app for traditional finance,” Lobban was quoted as saying in a CoinDesk interview this week, while adding:

“If you think about private markets – private credit, private equity and private real estate – they are pretty much double the size of public markets, but many orders of magnitude less liquid, so there’s this huge disparity,”

(by Fredrik Vold)