Bank of America and J.P. Morgan, the investment management giant, shared the small details of its first exchange between token fiat currencies so far. This unprecedented experiment was carried out as part of the Guardian Plan, which was encouraged by the Monetary Authority of Singapore.
The blockchain technology announcement of J.P. Morgan and Tyrone Lobban, the leader of Onyx Digital Property Department, announced today (November 2, 2022) that the first real-time trading between two legal currencies in public blockchain technology appeared on Polygon (MATIC).
According to the official announcement of the Financial Authority, this is also the first enterprise demonstration site to explore opportunities in the decentralized finance (DeFi) industry of corporate banking:
Mr. Lobban said that the reason why he chose the Polygon (MATIC) blockchain platform to carry out this transaction was that it cost less compared with ETH. In order to carry out the exchange, JPMorgan Chase released the marked versions of Japanese yen (JPY) and Singapore dollar (SGD) on Polygon (MATIC).
This formulation is characterized by the definition of the approval pool of Aave Finance: planners use the modified version of Aave Arc to customize rates, annual interest rates, etc.
In addition to real-time yen/Singapore dollar exchange, the pilot planners also carried out real-time simulation of token government sector bond purchases.
Mr. Sopnendu Mohanty, the top financial technology officer of MAS, described the necessity of today's test for industry leaders, institutions and regulators:
DBS Bank and SBI Digital Asset Holdings also participated in this series of experiments. The demonstration site of J.P. Morgan is particularly important to lead the progress of DeFi application of financial institutions around the world.