JP Morgan executes first DeFi trade on public blockchain

Multinational banking firm JP Morgan has successfully executed its first ever cross-border transaction using decentralized finance on a public blockchain.by the Monetary Authority of Singapore’s Project Guardian on Nov. 2 — which was established as part of a pilot program to “explore potential decentralized finance applications in wholesale funding markets.”

Singapore’s largest bank — DBS Bank, Tokyo-based banking firm SBI Digital Asset Holdings and business leadership platform Oliver Wyman Forum also took part in the pilot program. MAS said that a “live cross-currency transaction” was conducted, involving tokenized Singaporean Dollar and Japanese Yen deposits, along with a simulated exercise of buying and selling of tokenized government bonds.

The trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2 — which was established as part of a pilot program to “explore potential decentralized finance (DeFi) applications in wholesale funding markets.”

This is a major advance

And how did his deal go?

We aren't being manipulated..

This is monumental for integration from traditional finance firms...especially after Jamie Dimon talked so condescendingly on CRYPTO!

🧐🧐

So, now whenever Mr. Dimon talks shit about crypto again you know what to send him, right?

Bullish! I hope it will pump bitcoin cos I want to see my bitfinex portfolio go green.

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