JPMorgan Executes Its First DeFi Trade Using Public Blockchain
- Banking giant uses Polygon and modified Aave for live trade
- Firm explores decentralized finance for real-world assets
Pedestrians walk past the JPMorgan Chase & Co. headquarters in New York.
Photographer: Jin Lee/Bloomberg
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JPMorgan Chase & Co executed its first live trade on a public blockchain, a significant step toward integrating with the plumbing underlying the world of cryptocurrencies.
The bank issued tokenized S$100,000 ($71,000) as part of the Singapore central bank’s pilot programs exploring the use of decentralized finance, or DeFi, in the banking sector, then traded it for tokenized yen with Japan’s SBI Digital Asset Holdings. DBS Bank Ltd., Standard Chartered Plc and HSBC Holdings Plc are also part of the pilots.