JPMorgan makes its first DeFi transaction on a public blockchain

One of the major banks, JPMorgan, has successfully accomplished its first international transaction via decentralized finance (DeFi) on a public blockchain.

The transaction was made on November 2 through Project Guardian, launched by the Monetary Authority of Singapore (MAS) within its pilot program aimed at studying the potential of DeFi applications for major markets.

According to MAS’ official announcement, the bank performed a live international transaction with tokenized deposits in Singapore dollars and Japanese yen, as well as simulated purchase and sale of tokenized government bonds.

Umar Farooq, the CEO of Onyx by JPMorgan, highlighted the fact that the executed transaction was the first case of tokenizing deposits through the public blockchain for such a major bank, or, in fact, any bank at all.

Sopnendu Mohanty, MAS chief fintech officer, added that JPMorgan has taken a big step toward building more efficient financial networks and developing a strategy for managing the country's digital assets.