Financial company JPMorgan conducted the first operation on the Polygon blockchain

3 years ago

The American bank JPMorgan Chase & Co transferred 100,000 SGD (about $70 thousand) into tokens, and then exchanged them for tokenized yen with the Japanese financial group SBI Digital Asset.

It was a test deal that took place ahead of the launch of the Guardian project. The experiment took place on the basis of Polygon, using a modified version of the Aave DeFi protocol.

Nowadays, financial companies are exploring various opportunities to improve their operations through the use of blockchain. In particular, it is planned to improve the reverse buyout, borrowing and cross-border transactions.

First of all, banks are interested in private blockchains. Such networks imply work only at the invitation of the organization and the corresponding permission from it.

Earlier, it became known that the Binance exchange has become an active participant in the global market and may invest in the acquisition of the bank soon.

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