{"id":505932,"date":"2022-11-03T05:19:33","date_gmt":"2022-11-03T02:19:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/jp-morgan-executes-first-defi-trade-on-public-blockchain\/"},"modified":"2022-11-03T05:19:33","modified_gmt":"2022-11-03T02:19:33","slug":"jp-morgan-executes-first-defi-trade-on-public-blockchain","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/jp-morgan-executes-first-defi-trade-on-public-blockchain\/","title":{"rendered":"# JP Morgan executes first DeFi trade on public blockchain"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a28857a3aa06\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a28857a3aa06\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/jp-morgan-executes-first-defi-trade-on-public-blockchain\/#%E2%80%9D_JP_Morgan_executes_first_DeFi_trade_on_public_blockchain_%E2%80%9C\" >&#8221; JP Morgan executes first DeFi trade on public blockchain &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_JP_Morgan_executes_first_DeFi_trade_on_public_blockchain_%E2%80%9C\"><\/span>&#8221; JP Morgan executes first DeFi trade on public blockchain &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvOWQ5MjljMTUtYWUzNC00NTljLTg5MGItYzAwZmJlOTVlNWU3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>Multinational banking firm JP Morgan has successfully executed its first ever cross-border transaction using decentralized finance (DeFi) on a public blockchain.<\/p>\n<p>The trade was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.mas.gov.sg\/news\/media-releases\/2022\/first-industry-pilot-for-digital-asset-and-decentralised-finance-goes-live\">facilitated<\/a> by the Monetary Authority of Singapore\u2019s (MAS) Project Guardian on Nov. 2 \u2014 which was established as part of a pilot program to \u201cexplore potential decentralized finance (DeFi) <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications in wholesale funding markets.\u201d <\/p>\n<p>In other words, the pilot was another step into examining how traditional financial institutions can use tokenized assets and DeFi protocols to conduct financial transactions, among other use cases.\u00a0<\/p>\n<p>Singapore\u2019s largest bank \u2014 DBS Bank, Tokyo-based banking firm SBI Digital Asset Holdings and business leadership platform Oliver Wyman Forum also took part in the pilot program.\u00a0<\/p>\n<p>The trade was executed on Ethereum layer-2 network Polygon, using a modified version of AAVE protocol&#8217;s smart contract code.<\/p>\n<p>MAS said that a \u201clive cross-currency transaction\u201d was conducted, involving tokenized Singaporean Dollar and Japanese Yen deposits, along with a simulated exercise of buying and selling of tokenized government bonds. <\/p>\n<p>Tyrone Lobban, Head of Blockchain Launch and Onyx Digital Assets at JP Morgan&#8217;s Onyx business unit shared the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> on Nov. 2, noting the tokenized SGD deposits were the first issuance of tokenized deposits by a bank.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">WORLD! J.P. Morgan has executed its 1st *LIVE* trade on public blockchain using DeFi, Tokenized Deposits &amp; Verifiable Credentials, part of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MAS_sg?ref_src=twsrc%5Etfw\">@MAS_sg<\/a> Project Guardian <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/XI212SG4zg\">https:\/\/t.co\/XI212SG4zg<\/a> Many world 1sts here, &amp; since this is public \u26d3 here\u2019s a transparenton what we did:<\/p>\n<p>\u2014 Ty Lobban (@TyLobban) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TyLobban\/status\/1587679344792829954?ref_src=twsrc%5Etfw\">November 2, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nMAS Chief FinTech Officer Sopnendu Mohanty said it was a \u201cbig step\u201d towards more efficient financial networks, and the latest pilot has helped develop the country\u2019s digital asset strategy, commenting:\u00a0<\/p>\n<blockquote><p>\u201cThe live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralized finance have the potential to transform capital markets.&#8221;<\/p><\/blockquote>\n<p>Umar Farooq, the CEO of \u201cOnyx by JP Morgan\u201d \u2014 a business unit within the asset management firm that focuses on blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> \u2014 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-11-02\/onyx-jp-morgan-s-farooq-on-blockchain-technology-value-video\">told<\/a> Bloomberg on Nov. 2 that JP Morgan\u2019s on-chain transaction \u201cwas the first time that a major bank, possibly any bank, had tokenized deposits on a public blockchain.\u201d<\/p>\n<p>DeFi lending protocol AAVE also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AaveAave\/status\/1587846905509433344?ref_src=twsrc%5Etfw\">commented<\/a> on the new pilot, adding that the DeFi trade is a \u201chuge milestone\u201d for the industry as it \u201crepresents a massive step towards bridging traditional financial assets into DeFi.\u201d<\/p>\n<p>Project Guardian was first officially launched in May. 2022, which came about a month after a partnership was made between JP Morgan and DBS to build a new blockchain interbank platform to complement the work of central bank digital currencies (CBDCs).<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Security tokenization may be the next big use case for blockchain tech<\/em><\/strong><\/p>\n<p>The milestone comes as many of the largest financial players have predicted big things to come for blockchain-based tokenization of real world assets.<\/p>\n<p>Boston Consulting Group estimated the total size of tokenized illiquid assets will reach $16.1 trillion by 2030 in a Sept. 2022 report.<\/p>\n<p>While Cynthia Wu, COO of digital asset service platform Matrixport recently told Cointelegraph that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/cointelegraph\">\u201calmost everything could be tokenized in 5-10 years\u201d <\/a>and that nonfungible tokens (NFTs) could be the instrument used to represent off-chain assets like real estate deeds, equities and bonds.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/jp-morgan-executes-first-defi-trade-on-public-blockchain\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; JP Morgan executes first DeFi trade on public blockchain &#8220; Multinational banking firm JP Morgan has successfully executed its first ever cross-border transaction using decentralized finance (DeFi) on a public blockchain. The trade was facilitated by the Monetary Authority of Singapore\u2019s (MAS) Project Guardian on Nov. 2 \u2014 which was established as part of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":505933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvOWQ5MjljMTUtYWUzNC00NTljLTg5MGItYzAwZmJlOTVlNWU3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[92664,74867,74894,113408,74355,117,70792,5012],"class_list":["post-505932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-aave","tag-altcoin","tag-blockchain","tag-polygon","tag-adoption","tag-business","tag-jpmorgan-chase","tag-singapore"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=505932"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505932\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/505933"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=505932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=505932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=505932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}