JP Morgan runs the first DeFi exchange on the public blockchain
MAS' chief financial technology officer said passing the test was "a big step towards building more global financial networks efficient and integrated".
Multinational banking firm JP Morgan has successfully executed its first-ever cross-border transaction using decentralized finance (DeFi) on a public blockchain.
The transaction was facilitated by the Monetary Authority of Singapore (MAS) Project Guardian on November 2, which was established as part of a pilot program to "explore potential applications of decentralized finance (DeFi ) in the wholesale funding markets".
In other words, the pilot project was another step in examining how traditional financial institutions can use tokenized assets and DeFi protocols to conduct financial transactions, among other use cases.
DBS Bank, Singapore's largest bank, Tokyo-based banking firm SBI Digital Asset Holdings and business leadership platform Oliver Wyman Forum also participated in the pilot.
The transaction was executed on the Ethereum Layer-2 Polygon network, using a modified version of the AAVE protocol smart contract code.
MAS said a "live cross-currency transaction" was conducted, involving deposits of Singaporean dollars and Japanese yen, as well as a simulated exercise of buying and selling tokenized government bonds.
Tyrone Lobban, Head of Onyx Blockchain and Digital Asset Launch at JP Morgan's Onyx Business Unit, shared the news on Twitter on Nov. 2, noting that tokenized SGD deposits were the first issuance of tokenized deposits by a bank.
WORLD! J.P. Morgan executed its first *LIVE* transaction on the public blockchain using DeFi, Tokenized Deposits & Verifiable Credentials, part of @MAS_sg Project Guardian https://t.co/XI212SG4zg Many world firsts here, and since it is public ⛓ here's a slide on what we did:
— Ty Lobban (@TyLobban) November 2, 2022Sopnendu Mohanty, Chief FinTech Officer of MAS, said it was a “big step” towards more efficient financing...
MAS' chief financial technology officer said passing the test was "a big step towards building more global financial networks efficient and integrated".
Multinational banking firm JP Morgan has successfully executed its first-ever cross-border transaction using decentralized finance (DeFi) on a public blockchain.
The transaction was facilitated by the Monetary Authority of Singapore (MAS) Project Guardian on November 2, which was established as part of a pilot program to "explore potential applications of decentralized finance (DeFi ) in the wholesale funding markets".
In other words, the pilot project was another step in examining how traditional financial institutions can use tokenized assets and DeFi protocols to conduct financial transactions, among other use cases.
DBS Bank, Singapore's largest bank, Tokyo-based banking firm SBI Digital Asset Holdings and business leadership platform Oliver Wyman Forum also participated in the pilot.
The transaction was executed on the Ethereum Layer-2 Polygon network, using a modified version of the AAVE protocol smart contract code.
MAS said a "live cross-currency transaction" was conducted, involving deposits of Singaporean dollars and Japanese yen, as well as a simulated exercise of buying and selling tokenized government bonds.
Tyrone Lobban, Head of Onyx Blockchain and Digital Asset Launch at JP Morgan's Onyx Business Unit, shared the news on Twitter on Nov. 2, noting that tokenized SGD deposits were the first issuance of tokenized deposits by a bank.
WORLD! J.P. Morgan executed its first *LIVE* transaction on the public blockchain using DeFi, Tokenized Deposits & Verifiable Credentials, part of @MAS_sg Project Guardian https://t.co/XI212SG4zg Many world firsts here, and since it is public ⛓ here's a slide on what we did:
— Ty Lobban (@TyLobban) November 2, 2022Sopnendu Mohanty, Chief FinTech Officer of MAS, said it was a “big step” towards more efficient financing...
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