JPMorgan Executes Its First DeFi Trade Using Public Blockchain

JPMorgan Chase & Co executed its first live trade on a public blockchain, a significant step toward integrating with the plumbing underlying the world of cryptocurrencies.

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 ...