Tag: DeFi

JPMorgan, DBS Bank, SBI Complete Live Defi Trades on Public Blockchain – Regulation Bitcoin News

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JPMorgan, DBS Bank, and SBI Digital Asset Holdings have completed their first lives trades on a public blockchain using decentralized finance (defi), tokenized deposits, and verifiable credentials under the supervision of the Monetary Authority of Singapore (MAS). Singapore’s central bank is planning two more pilots that involve Standard Chartered Bank, HSBC, and UOB. JPMorgan, DBS Bank, SBI, Standard Chartered Bank, HSBC, UOB Participate in MAS Digital Asset Pilots The Monetary Authority of Singapore (MAS), Singapore’s central bank, announced Wednesday that “the first industry pilot under the MAS’ Project Guardian that…

JP Morgan executes first DeFi trade on public blockchain

Multinational banking firm JP Morgan has successfully executed its first ever cross-border transaction using decentralized finance (DeFi) on a public blockchain. 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 markets.” In other words, the pilot was another step into examining how traditional financial institutions can use tokenized assets and DeFi protocols to conduct financial transactions, among other use cases.  Singapore’s largest bank…

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How Aave Helped JP Morgan Complete Its First DeFi Transaction

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Legacy financial institutions are embracing crypto and decentralized finance (DeFi), and the Ethereum-based protocol Aave is proof. Today, the team behind the protocol announced that banking giant JP Morgan Chase completed its first DeFi transaction. 5/5 @jpmorgan transacting on a public blockchain using Aave smart contracts is a huge milestone for DeFi, and represents a massive step towards bringing traditional financial assets into DeFi, to fully realize the opportunities afforded by smart contract based dApps. — Aave (@AaveAave) November 2, 2022  This represents a major milestone for the sector that…

Solana-Based Lending App Solend Gets Hacked for $1.26 Million in ‘Oracle Attack’ – Defi Bitcoin News

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The Solana-centric lending application Solend lost $1.26 million in an oracle attack, according to Solend’s official Twitter account on Wednesday. A number of affected pools were disabled, and Solend says it has given crypto exchanges the exploiter’s address. Solana Defi Application Solend Loses $1.26 Million in Oracle Exploit The crypto community has seen two significant hacks in the last 24 hours, and one of them stemmed from the decentralized finance (defi) protocol Solend. The team’s official Twitter account tweeted about the loss after it said it suffered from an oracle…

Bank of International Settlement will test DeFi implementation in forex CBDC markets

According to a new announcement on Wednesday, the Bank of International Settlement, or BIS, along with the central banks of France, Singapore, and Switzerland, will be embarking on a new initiative dubbed “Project Mariana” in its exploration of blockchain technology. Project Mariana intends to use decentralized finance, or DeFi, protocols to automate foreign exchange markets and settlement.  Project Mariana explores using automated market makers for the cross-border exchange of hypothetical CHF, EUR and S$ wholesale CBDCs. It’s a #BISInnovationHub joint venture with the French, Swiss & Singapore #CentralBanks@banquedefrance @MAS_sg @SNB_BNS…

Stop Using the Word ‘Platform’, and Other DeFi Language Pet Peeves

We can do better with our words, and this nascent, flourishing technology deserves it. As Erik Voorhees wrote, “If [DeFi] does not swell your heart with joy, hope and inspiration, you are missing something.” Changing the way we talk about DeFi – whether you’re a developer, a user, a DAO participant or otherwise – is a very small step on the path to recognizing the hope that DeFi brings for a better system. Source

‘DeFi will replace institutions entirely,’ says BitGo CEO Mike Belshe

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The global decentralized finance market size was valued at $11.78 billion in 2021. This number is expected to increase as DeFi advances, yet it is still in its infancy. Therefore, a number of banks and traditional financial institutions are still unaware of its potential.  While this may be, industry experts within the crypto sector predict that decentralized finance will overtake traditional financial institutions in the coming years. For instance, Mike Belshe, CEO and co-founder of BitGo — a digital asset custody provider — told Cointelegraph that he believes DeFi will replace…

BNB Chain DeFi ecosystem recovers almost one-third in three months

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After a year-long struggle to fend off the market bears, parts of the crypto ecosystem started showing signs of recovery in the third quarter of 2022. BNB Chain’s Q3 report confirms significant growth in crypto trading volumes and decentralized finance (DeFi) but a drop in nonfungible token (NFT) trading. According to DappRadar BNB Chain Report Q3, BNB Chain retained its position as the second biggest DeFi blockchain after Ethereum, with a total value locked (TVL) of $7.6 billion. On the DeFi side of things, BNB Chain suffered a 93% decrease…