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HomeDeFiJPMorgan Completes First DeFi Transaction On Public Blockchain

JPMorgan Completes First DeFi Transaction On Public Blockchain

The major international banks and financial institutions that carried out and completed their first decentralised finance transactions contributed to the institutionalisation of the decentralised finance markets during the first week of November.

With the support of Project Guardian, which is run by the Monetary Authority of Singapore (MAS), the global financial powerhouse JP Morgan was able to successfully conduct its very first international transaction utilising DeFi on a public blockchain. DBS Bank started a test trade of foreign exchange (FX) and government bonds using permissioned DeFi liquidity pools.

JPMorgan and DBS Bank, as well as the Bank for International Settlements, have said that DeFi’s automated market-making technology could be the “foundation for a new generation of financial infrastructure.”

When looking at the weekly performance of the DeFi market, we can see that the bulk of the DeFi coins that are ranked in the top 100 began the first week of November on a positive note. The bulk of the tokens were able to report gains of more than ten percent for the week thanks to the Fed’s rate rise.

The pilot was another step in exploring how conventional financial institutions might utilise tokenized assets and DeFi protocols to execute financial transactions, among other use cases. This stage was an examination of how traditional financial institutions can leverage these technologies. On the other hand, the use of DeFi protocols to facilitate the hypothetical exchange of cross-border transactions between wholesale central bank digital currencies, often known as CBDCs, such as the Swiss franc, the euro, and the Singapore dollar.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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