JPMorgan debuts Ethereum-based money market fund for institutions
JPMorgan Chase has launched a tokenized money market fund on the Ethereum blockchain for institutional investors, underscoring its commitment to innovation.
The fund, called My OnChain Net Yield Fund (MONY), was launched on Monday, December 15. It is designed for qualified investors and offers U.S. dollar–denominated yields. MONY invests exclusively in U.S. Treasury securities and Treasury-backed repurchase agreements.
Investors can access the fund solely through JPMorgan’s Morgan Money platform. Subscriptions and redemptions can be made in cash or stablecoins, with dividends reinvested daily.
The launch positions JPMorgan Chase as the first systemically important bank to introduce such a product on a public blockchain.
“By leveraging technology alongside our deep expertise in active management, we can deliver cutting-edge, innovative, and cost-efficient solutions that help clients achieve their investment goals,” said George Gatch, CEO of J.P. Morgan Asset Management.
Jamie Dimon moves into a new headquarters
After JPMorgan found itself at the center of controversy in late November over its involvement in indexes that include companies with significant Bitcoin and cryptocurrency reserves—prompting some crypto influencers to call for a boycott—the bank appears eager to reinforce its image among potential clients.
This month, a major event for New York’s business community will be JPMorgan’s move into its newly modernized Manhattan headquarters, a $4 billion development.
The fully electric tower, officially opened in October, stands 423 meters tall, operates with zero on-site emissions, and is powered by renewable hydroelectric energy.
Inside the 2.5 million square-foot building are Michelin-starred restaurants, an English-style pub, food delivery services, yoga studios, physiotherapy facilities, and more.
The lighting system is designed to mimic natural human circadian rhythms and adjust brightness throughout the day, while meeting room temperatures can be customized to individual preferences.
To construct the tower at such a height, the bank had to acquire air rights from neighboring properties, including Grand Central Terminal and St. Bartholomew’s Church. JPMorgan CEO Jamie Dimon has described the headquarters as the “work of a lifetime.”
As we wrote, JPMorgan predicts AI correction and slower U.S. market expansion
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