Singapore leverages Polygon and Aave in first DeFi wholesale m | https://t.me/CryptoMarketUpdates

Singapore leverages Polygon and Aave in first DeFi wholesale markets transaction

The Monetary Authority of Singapore (MAS) successfully completed a cross-currency transaction involving tokenized Japanese yen and Singapore dollar deposits as part of a pilot exploring the potential of DeFi applications in wholesale funding markets.

According to a tweet from JPMorgan's Ty Lobban, the multinational investment bank first used Polygon in order to settle on Ethereum for low fees — which were necessary to reduce operating costs associated with identity verification. It then leveraged Aave's permissioned pools concept and deployed a modified version of Aave Arc in order to set specific parameters. Singapore dollars and Singapore Government Securities Bonds, MAS said in a statement.

Source

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