Financial powerhouse JPMorgan, which just executed its 1st cross-border financial operation using the technology that has grown so popular in the cryptocurrency field, is giving the blockchain sector a significant boost.
JPMorgan is strongly boosting DeFi
One of the major monetary institutions in the world entered the field of autonomous banking as a result of the transaction, which took place in the DeFi sector.
The decision is being praised as a true game-changer for digital asset, and many people think that it will propel the industry to new peaks and greater levels of general public interest.
JPMorgan used Polygon to complete the deal. A blockchain system called Polygon is built using Ethereum.
It’s a customized version of AAVE that’s made to assist ETH scale while allowing users the chance to borrow and lend virtual currency directly from one other.
In a recent interview, Mikkel Morch, head of the hedge fund ARK36 for digital assets, said:
Crypto aficionados have never questioned the possibility of making international banking more affordable, quick, and effective through innovation in this sector, particularly in DeFi.
Now that DeFi protocols are being used as a workable option for simplifying international monetary transactions, the titans of traditional finance are beginning to corroborate that.
Ironically, JPMorgan hasn’t always been supportive of cryptocurrencies. Its CEO Jamie Dimon has previously been a very fierce opponent of BTC and other digital currencies. Just 2 months ago, Dimon stated:
I have serious doubts about crypto assets, which you refer to as currencies like bitcoin. They’re decentralized-Ponzi schemes, and it is absurd to think that anyone would benefit from them. It poses a threat.
While Dimon personally isn’t a fan of cryptocurrencies, his organization has never shied away from entering the market, indicating that he knows there will be money to be earned and business to be done there in the future.
The business introduced its very own digital token a few years ago and DeFined it as follows.
Singapore is currently examining DeFi
The MAS that recently revealed a pilot program under which the corporation would investigate DeFi applications for wholesale finance markets, was in charge of overseeing the event.
Many people think that this is the 1st step in bridging the traditional banking and cryptocurrency divides.