“This was very, very hard. As simple as it sounds, this was probably the most work we’ve ever done for a single transaction at Onyx at JPMorgan.”
Umar Farooq, who leads the Onyx blockchain and innovation division of JPMorgan, is talking about a landmark DeFi (decentralized finance) deal announced in Singapore on November 2.
The transaction, conducted by DBS, JPMorgan and Japan’s SBI Digital Asset Holdings under the Monetary Authority of Singapore’s Project Guardian initiative, delivered a live cross-currency transaction with tokenized yen and Singapore dollar deposits.
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