Cryptocurrency: JPMorgan Advances Crypto Apps, Crypto Advances Bank Obsoletion

grarpamp grarpamp at
Thu Nov 3 22:19:52 PDT 2022

Such developments must still always be routed around
by the masses developing adopting and using privacy
enabled cryptocurrency... else they will remain slaves
controlled and owned by such central GovBank systems.

In the end, Banks (and Govts) will be obsoleted and bankrupted
by P2P, Crowd, Prediction Markets, Nym Identities, Crypto Sigs, etc.
That will be the true "Pivotal Moment" for Humanity and Human Freedom.

"Pivotal Moment" - JPMorgan Completes First DeFi Trade On Public Blockchain

Despite Jamie Dimon's infamous condescension of crypto, banking giant
JPMorgan just executed its first-ever cross-border transaction using
decentralized finance (DeFi) on a public blockchain.

As Cointelegraph reports, the trade was facilitated by the Monetary
Authority of Singapore’s (MAS) Project Guardian on Nov. 2 - which was
established as part of a pilot program to “explore potential
decentralized finance (DeFi) applications in wholesale funding

Bloomberg reports that JPMorgan issued tokenized S$100,000 ($71,000)
and then traded it for tokenized yen with Tokyo-based banking firm SBI
Digital Asset Holdings.

Singapore’s largest bank - DBS Bank, and business leadership platform
Oliver Wyman Forum also took part in the pilot program.

    “Today was the first step to show that we can actually trade on
these public networks,” said Tyrone Lobban, head of Blockchain Launch
and Onyx Digital Assets at JPMorgan, in an interview.

    “The future is really working toward scaling this pivotal moment.”

    WORLD! J.P. Morgan has executed its 1st *LIVE* trade on public
blockchain using DeFi, Tokenized Deposits & Verifiable Credentials,
part of @MAS_sg Project Guardian 🙌🚀🔥 Many
world 1sts here, & since this is public ⛓ here’s a transparent🧵on
what we did:
    — Ty Lobban (@TyLobban) November 2, 2022

“We clearly see what’s happening in the public domain and we can see
how the innovation is creating not only new ways of doing financial
transactions, but new types of products as well,” Lobban said, noting
that the bank will explore using other blockchain networks over time,
he added.

MAS Chief Fintech Officer Sopnendu Mohanty said the successful test
was a “a big step towards enabling more efficient and integrated
global financial networks”, and the latest pilot has helped develop
the country’s digital asset strategy, adding that:

    “The live pilots led by industry participants demonstrate that
with the appropriate guardrails in place, digital assets and
decentralized finance have the potential to transform capital

While the transaction wasn’t a crypto trade, it used the
infrastructure developed by crypto firms: the Polygon blockchain,
which makes transactions on the Ethereum blockchain cheaper, and a
modified version of Aave, a major DeFi lending project.

MATIC, a utility and staking token within the Polygon blockchain
ecosystem, rose over 18% to $0.985 after the announcements,
accompanied by an uptick in daily trading volume.

Additionally, Goldman Sachs is set to unveil a data service created
with global index provider MSCI and crypto data firm Coin Metrics that
seeks to classify hundreds of digital coins and tokens so
institutional investors can make sense of the new asset class.

    “The digital asset ecosystem has really expanded over the last
couple of years,” said Anne Marie Darling, head of client strategy for
Goldman’s Marquee platform, in an interview with CNBC.

    “We’re trying to create a framework for the digital asset
ecosystem that our clients can understand, because they increasingly
need to think about performance tracking and risk management in
digital assets.”

It seems the bulge bracket banks are starting to realize there may be
'another way'. Are they readying themselves for a pivoting Fed's money
flood sending crypto prices soaring as institutional investors seek
any haven from the central planners' inflation?

More information about the cypherpunks mailing list