JPMorgan Chase has been steadily developing its own blockchain tech for years. But, instead of integrating it with public blockchains, the U.S.’s largest bank has taken what many in crypto call the “walled garden” approach and built out a private network only its customers can use. Now, JPMorgan is venturing beyond that garden. On Wednesday, it announced that it had settled a transaction on a public ledger with the help of the crypto firms Chainlink and Ondo Finance.
In early May, JPMorgan's blockchain division, Kinexys, transferred money between two accounts on its private blockchain to settle the purchase of tokenized treasuries on Ondo’s public ledger. (Tokenized treasuries are money market funds that live on the blockchain.) To trigger the payment, JPMorgan used Chainlink, a communication protocol that lets blockchains process outside information.
