JPMorgan Chase & Co has successfully conducted its first live trade on a public blockchain.
Through the trade, the multinational bank was able to issue tokenised $71,000. It was part of the Singapore central bank’s pilot programs that are testing the use of decentralised finance (DeFi) in the banking sector. Following that trade, JPMorgan traded it for tokenised yen with Japan’s SBI Digital Asset Holdings.
It signifies a big step towards entering the system that operates the world of cryptocurrencies and showcases the potential for other global banks to follow in its footsteps.
Other banks such as DBS Bank Ltd., Standard Chartered PLC and HSBC Holdings Plc are also part of the pilot testing rounds for JPMorgan’s live trade on a public blockchain.
This is not JPMorgan’s first use of blockchain technology to conduct transactions.
On May 20, JPMorgan Chase used cryptocurrency tokens for collateral in traditional financial asset…
