JPMorgan Chase, one of the largest banks in the U.S., has announced its first use of a public blockchain for transaction processing, showcasing its ambition to integrate with cryptocurrency technologies.
First Use of Public Blockchain
On Wednesday, the bank announced that it had settled a transaction on a public blockchain for the first time, utilizing technology from Chainlink and Ondo Finance. This transaction was processed through the bank's blockchain division, Kinexys.
Partnership with Chainlink and Ondo Finance
The transaction, conducted in early May, involved connecting Kinexys' permissioned bank settlement infrastructure with the public Ondo Chain via Chainlink's interoperability protocol. This marked the first cross-chain Delivery versus Payment settlement for a tokenized asset on the Ondo testnet.
Wider Changes in the Crypto Climate
JPMorgan's initiative comes in the context of a broader shift in the U.S. regulatory environment, as traditional financial firms ramp up their activities in the crypto space.
This event could represent a significant step toward further integration of the traditional financial sector with cryptocurrencies and blockchain technologies.
