the staff of the Ridgewood blog
Ridgewood NJ, After JPMorgan Chase & Co., CEO Jamie Dimon slammed ‘dangerous’ bitcoin as ‘decentralized Ponzi scheme’. The No. 1 U.S. bank and a charter member of Wall Street’s financial establishment, has gone DeFi. . JPMorgan’s Onyx unit recently executed live foreign exchange swaps of tokenized Japanese Yen and Singapore Dollars. The swaps were made as part of Project Guardian, an initiative backed by the Monetary Authority of Singapore that aims to explore DeFi applications in wholesale funding markets. Project Guardian is currently deployed on Polygon, but it will eventually be rolled out to other blockchain networks. It uses a modified version of Aave Arc.
Meanwhile Binance Holdings Ltd. founder and CEO Zhao “CZ” Changpeng, who last month said the crypto exchange may spend more than $1 billion on deals this year, is considering targets including banks as the boundary between the digital-asset industry and traditional finance blurs.
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