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According to Bloomberg, JPMorgan Chase & Co executed its first live trade on a public blockchain. 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. While the transaction wasn’t a crypto trade, it used the infrastructure developed by crypto firms: the Polygon blockchain, which makes transactions on the Ethereum blockchain cheaper, and a modified version of Aave, a major DeFi lending project.

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【JPMorgan executes its first DeFi trade using public blockchain】According to Bloomberg, JPMorgan Chase & Co executed its first live trade on a public blockchain. 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. While the transaction wasn’t a crypto trade, it used the infrastructure developed by crypto firms: the Polygon blockchain, which makes transactions on the Ethereum blockchain cheaper, and a modified version of Aave, a major DeFi lending project.

JPMorgan executes its first DeFi trade using public blockchain

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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