Cryptocurrencies JP Morganâs live trade on a public blockchain is a âsignificant stepâ for institutional DeFi
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“This is a significant step in the blockchain journey of financial institutions,” said Umar Farooq, CEO of JPMorgan’s Onyx blockchain business unit. “Project Guardian reinforces our continued conviction that tokenized deposits combined with identity on a public blockchain is a path to the future of money.”
“The live transactions executed under the first pilot demonstrate that cross currency transactions of tokenized assets can be traded, cleared and settled instantaneously among direct participants,” MAS wrote in a statement. “This frees up costs involved in executing trades through clearing and settlement intermediaries, and the management of bilateral counterparty trading relationships as required in today’s over-the-counter markets.