JP Morgan Executes First DeFi Trade On Public Blockchain: Why it is so important?

J.P. Morgan successfully executed a live trade on a public blockchain for the first time ever. The trade was conducted on SBI Digital Asset Holdings’ public blockchain platform and involved J.P. Morgan’s own digital currency, JPM Coin.

This is a significant development for both J.P. Morgan and the wider world of decentralized finance (DeFi). It shows that J.P. Morgan is serious about using blockchain technology to streamline its operations and that DeFi is gaining mainstream traction as a viable way to conduct financial transactions without the need for a central authority like a bank or government.

J.P. Morgan is not the only major financial institution to experiment with DeFi in recent months. The Bank of England has also been testing trade on a public blockchain, and the Monetary Authority of Singapore recently launched its own digital currency, called Ubin, which is designed to be used in conjunction with other currencies on a blockchain platform.

These developments suggest that the traditional banking system is starting to take notice of the potential benefits of DeFi and blockchain technology, and we can expect to see more live trades on public blockchains.

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JPMorgan Chase & Co. has executed its first trade using a public blockchain platform, according to a report by Business Insider. The move is part of the bank’s ongoing exploration of decentralized finance (DeFi) applications.

The trade was conducted on the Ethereum blockchain using the decentralized lending protocol MakerDAO. JPMorgan reportedly used its in-house digital currency, JPM Coin, to settle the transaction.

This is a significant development for both JPMorgan and the DeFi space as a whole. JPMorgan is one of the largest and most influential financial institutions in the world, and its exploration of blockchain technology has been closely watched by the industry.

The execution of this trade marks a milestone for DeFi, as it is one of the first times that a major financial institution has used a public blockchain platform to settle a transaction. This could pave the way for more traditional financial institutions to explore and use DeFi applications.

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The DeFi market is growing rapidly, with new projects and protocols being launched all the time. In order to keep up with the latest developments, it is important to have an overview of the market. This can be done by tracking the total value locked in DeFi protocols, which is currently over $13 billion. The top protocols in terms of TVL are Maker, Compound, Synthetix, and Aave. These protocols offer a variety of services such as lending, borrowing, and trading. Maker is the largest protocol with over $6 billion locked in, followed by Compound with $2.5 billion.

I am Sayan Chowdhury, a Web 3.0 and Blockchain Consultant at GrowGlobal.IO. GrowGlobal is breaking dimensions in the field of blockchain and crypto by creating solutions that allow local businesses to reach the world. First prize winners in the KardiaChain global hackathon and working in building the world’s first Unified Crypto Interface protocol. If you wish to explore the opportunities of Blockchain and NFT-enabled services for your business with us, click here (

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