Global banking giant JP Morgan has executed its very first trade on a public blockchain using DeFi. Bullish!
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.
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