- JPMorgan adds GBP to its blockchain payment network.
- Kinexys now supports USD, EUR, and GBP 24/7.
- Kinexys processes $2B daily, totaling $1.5T to date.
In a significant step toward modernizing cross-border payments, JPMorgan Chase & Co. has expanded its blockchain-based payment platform, Kinexys Digital Payments (KDP), to include British pound (GBP)-denominated accounts. According to Bloomberg, the new service operates within London currently and provides commercial bank transaction capabilities to corporate clients.
Kinexys Now Supports USD, EUR, and GBP for 24/7 Transfers
JPMorgan introduced Kinexys under the former branding of JPM Coin in 2019 to enable customers to transfer funds between JPMorgan accounts and execute foreign exchange trades at their convenience. The platform started with U.S. dollar (USD) support before adding euro (EUR). Kinexys added GBP alongside USD and EUR as three main currencies for its 24/7 transaction service.
Naveen Mallela, who leads the platform, explains that GBP transaction demand is growing while dollars make up approximately 80% of platform volumes. Through its pound accounts, JPMorgan seeks to bridge the market demand for currency-dependent stablecoins by eliminating slow and expensive payment solutions for foreign currencies.
This business relocation represents the initial blockchain-based operation of its kind in the entire United Kingdom that serves enterprise clients. The London Stock Exchange Group (LSEG) and its SwapAgent division, along with Trafigura as a global commodities trader, now have blockchain-based deposit accounts operational in London.
SwapAgent has established new blockchain-based accounts, which it intends to implement during its pilot project focused on post-trade system enhancement. The system targets two main objectives, which consist of optimizing non-standard time payments alongside introducing programmable payment methods. Nathan Ondyak from SwapAgent explains that these new accounts enable flexible automated payment management.
Meanwhile, Trafigura intends to leverage the fast and continuous payment capabilities between global financial markets consisting of New York, London, and Singapore. Trafigura’s Chris McLaughlin, as Global Head of Treasury, noted that the system will increase efficiency in global payment processes.
Kinexys Records $2B Daily in Blockchain Transactions
JPMorgan continues its expansion by adding accounts in London, which further develops their euro-based operations and forms part of its initiative to minimize transaction difficulties for businesses operating across multiple territories. By enabling faster and more flexible payments, the platform gives businesses more control over their treasury operations.
Kinexys also features a “Programmable Payments” tool that allows companies to automate financial processes with conditional logic—known as “if-this-then-that.” The technological advancement adds greater control over cash flow management for businesses.
Since its launch, Kinexys has completed payment processing that exceeded $1.5 trillion while recording more than $2 billion worth of daily transactions. Payment volumes executed through the platform grew ten times larger during the year because of growing international client adoption.
JPMorgan renamed its Onyx blockchain platform Kinexys while announcing its intention to merge blockchain network capabilities into its Foreign Exchange services during November. This integration enables clients to execute their FX trade settlements within blockchain transactions so they can minimize risks and achieve speedier settlement durations.
Through these new developments, JPMorgan is seeking to enhance its presence within the quickly changing digital payment and blockchain financial domains. Ultimately, JPMorgan aims to create an advanced financial system that operates above traditional technological limitations by establishing seamless financial connections across different platforms.
