Multinational banking giant JPMorgan has executed its first-ever trade using decentralized finance (DeFi) on a public blockchain. The trade was executed using the Polygon (MATIC) blockchain.

Meta is developing a non-fungible token (NFT) minting and trading feature through its Instagram application, according to an announcement from the company. The feature will allow users to create and launch their own NFTs for sale through the platform.

Crypto custodian BitGo is set to introduce wrapped Dogecoin (wDOGE) to the Ethereum blockchain through a partnership with wDogeDAO. Wrapping Dogecoin means holders will be able to use their wDOGE tokens on decentralized applications on Ethereum.

Top stories in the Crypto Roundup today:

• JPMorgan Executes Its First DeFi Trade on a Public Blockchain
• Meta’s Instagram to Add NFT Minting and Trading Features
• BitGo to Introduce Wrapped Dogecoin (wDOGE) to Ethereum
• What is BNB?

JPMorgan Executes First On-Chain DeFi Trade

Multinational banking giant JPMorgan has executed its first-ever trade using decentralized finance (DeFi) on a public blockchain. The trade was executed using the Polygon (MATIC) blockchain.

The bank issued tokenized S$100,000 (US$71,000) as part of the Singapore central bank’s pilot programs exploring the use of decentralized finance in the banking sector. JPMorgan then traded the tokenized Singaporean dollars for tokenized yen with Japan’s SBI Digital Asset Holdings, DBS Bank, Standard Chartered, and HSBC.

The transaction used both the Polygon network and a modified version of major decentralized finance lending protocol Aave. Tyrone Lobban, Head of Blockchain Launch and Onyx Digital Assets at JP Morgan's Onyx business unit, was quoted saying:

“Today was the first step to show that we can actually trade on these public networks. The future is really working toward scaling this pivotal moment.”

Aave commented on the trade, saying that the move is a “huge milestone” for the industry as it “represents a massive step towards bridging traditional financial assets into DeFi.”

Meta’s Instagram to Add NFT Minting and Trading Features

Meta is developing a non-fungible token (NFT) minting and trading feature through its Instagram application, according to an announcement from the company. The feature will allow users to create and launch their own NFTs for sale through the platform.

Meta’s Head of Commerce and Fintech, Stephane Kasriel, said in a statement that a “small group of creators” will soon be able to use the feature. NFTs are unique blockchain-based tokens that represent ownership over an asset.

The social media giant will, at launch, use the Polygon blockchain for the NFTs, while also pulling metadata from NFT marketplace OpenSea so that collection names and descriptions are available on it.

Both Facebook and Instagram currently support displaying NFTs on the Ethereum, Polygon, and Flow blockchains.

BitGo to Introduce Wrapped Dogecoin (wDOGE) to Ethereum

Crypto custodian BitGo is set to introduce wrapped Dogecoin (wDOGE) to the Ethereum blockchain through a partnership with wDogeDAO. Wrapping Dogecoin means holders will be able to use their wDOGE tokens on decentralized applications on Ethereum.

Every wDOGE token is set to be backed by a DOGE token at a 1:1 ratio. BitGo will also provide hot wallets, qualified custody, and self-managed custody for both DOGE and wDOGE by the end of the month.

BitGo’s announcement comes at a time in which the price of Dogecoin started surging over Elon Musk’s Twitter takeover. Musk is a well-known DOGE supporter who is believed will soon start incorporating the meme-inspired cryptocurrency into the microblogging platform’s features.

What is BNB?

Binance Coin (BNB) is a cryptocurrency issued by leading exchange Binance that also serves as the native token of the BNB Chain, an Ethereum Virtual Machine-compatible network that supports smart contracts and decentralized applications.

Binance was created in July 2017, with BNB initially being issued through an Initial Coin Offering (ICO) on the Ethereum blockchain, as an ERC-20 token before the launch of BNB Chain.

At the time of the ICO, 100,000,000 BNB tokens, equivalent to 50% of the cryptocurrency’s total supply, were sold at a price of 1 ETH for 2,700 BNB, or 1 BTC for 20,000 BNB. While BNB’s total supply is 200,000,000 coins, Binance regularly burns tokens, in a bid to reduce BNB’s circulating supply to 100,000,000.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.