JPMorgan Expands Kinexys: GBP Added to Blockchain Payment Network
JPMorgan Expands Kinexys: British Pound Joins Blockchain Payment Network
JPMorgan Chase & Co. has significantly enhanced its blockchain-based payment platform, Kinexys Digital Payments (KDP), by adding support for British Pound (GBP) transactions. This expansion, currently operating within London, provides commercial bank transaction capabilities to corporate clients, marking a major step forward in modernizing cross-border payments.
Kinexys: 24/7 Multi-Currency Support
Initially launched in 2019 as JPM Coin, Kinexys now offers 24/7 transfer capabilities for USD, EUR, and GBP. The addition of GBP addresses the growing demand for efficient pound-denominated transactions, complementing the platform's existing robust USD (approximately 80% of volume) and EUR services. By offering currency-dependent stablecoin functionality, JPMorgan aims to bypass slow and expensive traditional payment methods for foreign currencies.
This initiative represents the UK's first enterprise-focused blockchain-based payment operation of its kind. Key partners include the London Stock Exchange Group (LSEG) and its SwapAgent division, and global commodities trader Trafigura, all utilizing blockchain-based deposit accounts in London.
Record Transaction Volumes: $2 Billion Daily
Kinexys continues its impressive growth, processing over $2 billion in daily transactions and exceeding $1.5 trillion in total payment volume since its inception. This represents a tenfold increase in payment volume over the past year, driven by strong international client adoption. The platform's "Programmable Payments" feature allows companies to automate financial processes using conditional logic, enhancing cash flow management and control.
Expanding Global Reach and Streamlining Operations
The integration of Kinexys with JPMorgan's Foreign Exchange services allows clients to execute FX trade settlements via blockchain, minimizing risks and accelerating settlement times. Through these advancements, JPMorgan strives to create a sophisticated financial system that surpasses traditional limitations, fostering seamless connectivity across various platforms. This commitment to innovation reflects JPMorgan's broader strategy to improve efficiency and transparency in global financial transactions.
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