Singapore’s dbsbank explains how traditional financial institutions can implement decentralized finance, too. IanAllison123 reports
Singapore has quietly been playing host to some of the most advanced explorations into cryptocurrency and decentralized finance ever done by big banks, institutions and regulators., which sets out to test asset tokenization and DeFi for banks, launched in early summer by the Monetary Authority of Singapore , saw Singapore’s DBS Bank joined by JPMorgan and Japan’s SBI Digital as well as Marketnode, a digital asset platform built by the Singapore Exchange and Temasek.
Banks and traditional financial institutions see opportunities and efficiencies to be gained by copying DeFi’s success in crypto, with the boldest moves involving public blockchains andExplaining some of the protocol choices in Project Guardian, Kwee Juan of DBS pointed out Polygon made sense because of the need for cheap gas fees.
“There are many different combinations that can happen when trading OTC, and the AMMs currently out there are not complex enough to provide the kind of dynamic pricing needed if you truly want to achieve trading in a DeFi pool,” Kwee Juan said. “We had to tweak Uniswap to allow the transactions to then take place closest to where the pricing would be based on Bloomberg and Refinitiv.”
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