JPMorgan has joined hands with DBS Bank and Marketnode to launch a pilot project on digital asset tokenisation in Singapore
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JPMorgan Chase & Co. is piloting the tokenisation of DeFi on the blockchain as part of the Singapore Central Bank's project to investigate the economic potential and value-adding use cases of crypto assets.
The Singapore Monetary Authority announced the launch of an industry-wide collaborative pilot project on Tuesday led by various 'trust anchors'. These trust anchors include Singaporean multinational DBS Bank, the American investment bank JPMorgan Chase & Co., and SGX-Temasek digital asset venture Marketnode.
This project intends to conduct secured borrowing and lending on a public blockchain-based network through the use of smart contracts. The initiative is named 'Project Guardian'.
The Coordinating Minister for Economic Policies Heng Swee Keat and the Deputy Prime Minister of Singapore announced the project at the Asia Tech x Singapore Summit.
The Group Head of Planning and Strategy at DBS, Han Kwee Juan, said, "Developed on [the] public blockchain, this pilot is also pivotal as it furthers efforts to innovate, advance and scale institutional financial applications on blockchain and their interoperability across different blockchain networks with the long-established rails of the existing financial markets."