JPMorgan Using DeFi on Public Blockchain

Last week, multinational banking firm JPMorgan executed its first-ever cross-border transaction using DeFi on a public blockchain. 

The Monetary Authority of Singapore (MAS) facilitated the transaction through Project Guardian, a pilot program that seeks to examine how TradFi institutions can use DeFi protocols to conduct transactions, among other things.

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The trade was executed on the Polygon network using a modified version of the Aave protocol's smart contract code. DBS Bank, Singapore's largest bank, and SBI Digital Asset Holdings from Japan are also part of the pilot. 

According to Aave, this represents ''a massive step towards bridging traditional financial assets into DeFi.''

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