JPMorgan Chase and Singapore’s DBS Bank are among the large banks collaborating on the project.
Onyx has processed over $300B in digital tokens since its launch in December 2021.
The roller coaster competition among important countries for the treasured title of “world’s crypto hub” has heated up. Singapore and its central bank, the Monetary Authority of Singapore (MAS) have shown their commitment to innovation.
Several countries have imposed limitations on the growth of the crypto asset space, on other hand, they have chosen a more creative approach. The goal, though, is to strike the right balance between proper regulatory control and openness to new ideas.
MAS Announces the Launch of Project Guardian
JPMorgan Chase has been selected by Singapore’s central bank to conduct a new blockchain trial exploring the possibilities of DeFi (decentralized finance). They also assured that the required oversight will place in the digital asset area. The tests are part of the MAS Project Guardian, which began on Tuesday.
The goal of Project Guardian is to see DeFi apps operate and concentrate on digital securities, which are blockchain-based tokens that are backed by traditional financial instruments. Such as Ethereum can improve wholesale borrowing and lending procedures without adding unnecessary risk.
The initial stage is to tokenize bonds and deposits, then use smart contracts to execute trades. The outcomes of the project will be used to inform Singapore’s crypto regulation by the central bank, which also serves as the country’s financial regulatory authority.
In 2020, JPMorgan launched Onyx, a multi-asset blockchain network and platform that allows for the exchange of value for many sorts of digital assets.
Singapore DBS bank provides a range of digital asset services, including crypto trading, which allows users to trade bitcoin (BTC) and other major cryptocurrencies. DBS also provides digital custody services to institutions.