Onyx's Tyrone Lobban Takes Us Behind the Scenes of JP Morgan's First DeFi Trade

This week on The Defiant Podcast we speak with Tyrone Lobban, the head of blockchain at JPMorgan’s Onyx, a business unit focused on digital assets. In the craziness of the past couple weeks, it’s easy to overlook or forget good news and positive developments. JP Morgan recently made history by becoming the first major bank to execute a live DeFi trade. The trade involved tokenized forex and government bonds and it all happened on the Polygon blockchain. In our conversation, we dive into the details of the trade and discuss the implications of major banks like JP Morgan and the rest of TradFi using DeFi, and start by getting a better understanding of Onyx. JP Morgan’s first DeFi transaction took place on 2 November 2022 and was facilitated by Project Guardian, a pilot initiative of the Monetary Authority of Singapore. The trade had a lot of moving pieces and was rather complex. Tyrone takes us behind the scenes and walks us through the steps taken to ensure adherence to KYC/AML standards. Due to regulatory and privacy concerns, JPMorgan is currently running its DeFi experiments on a permissioned sidechain. We discuss the likelihood of a shift from private infrastructure to a public blockchain. 🙏 Thanking our podcast sponsors: This episode is brought to you by Circle, the sole issuer of USDC, and a leader in crypto that’s held to a higher standard. Learn more at https://www.circle.com/en/usdc Aave Grants is a community-led grants program, focused on growing a thriving ecosystem of contributors within Aave by funding ideas, projects and events that benefit the protocol or surrounding ecosystem. Head to aavegrants.org to learn more and apply for a grant. Now for the first time, you can keep your crypto and NFTs safe with tech the “big guys” have used for years, thanks to ZenGo. Download the ZenGo app from the App Store or Google Play and use code defiant to get $20 back on your first purchase of $200 or more. Terms and conditions apply. See site for details. Built by the team behind Avalanche, Core is an all-in-one command center for Web3 supporting Avalanche, Ethereum, and Bitcoin, a rich ecosystem of dApps, Bitcoin & Ethereum bridges, NFTs, Subnets, and more. Visit core.app to download now.