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The price of Bitcoin has fallen over the past year, dropping from an all-time high of around $70,000 per Bitcoin to nearly $20,000. The collapse in bitcoin prices dragged down the broader crypto market, wiping out nearly $2 trillion of hypothetical value.
Now, JP Morgan, one of the biggest Wall Street banks led by the outspoken Bitcoin and crypto billionaire Jamie Dimon, has completed its first cross-border transaction using blockchain-based decentralized finance (DeFi), a so-called “big step”. Crypto space.
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This week, JP Morgan completed its first live transaction on a public blockchain using the Polygon Matic Layer 2 ethereum network, which is designed to help the coin scale, and a modified version of the Away protocol – a DeFi technology that allows people to lend. and lend without the need for a trusted third party.
Through the bank’s blockchain division for bulk payments Onyx, the forex trading of JP Morgan’s token cash deposits is being conducted by the Monetary Authority of Singapore in a pilot program to “explore potential DeFi applications in wholesale funding markets”.
“Crypto enthusiasts have never doubted that the innovations coming from this space – in particular innovations in DeFi – will help cheapen international banking,” said Michael Morch, chairman of digital asset hedge fund ARK36, in an email. There is potential to become faster, more efficient” . Remarks. “Now, the traditional financial giants are starting to approve the use of the DeFi protocol as a viable solution for streamlining international currency trading.”
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