JPMorgan's blockchain-powered payment system now includes support for British Pounds.
In a significant move, JPMorgan's blockchain platform, Kinexys, has extended its services to include GBP-denominated blockchain deposit accounts in the UK. This development allows for real-time settlement and facilitates 24/7 cross-border transactions, enhancing foreign exchange settlement flexibility.
Key Features of the new service include real-time settlement, GBP-denominated accounts, and cross-border transactions. The platform enables near-instant cross-currency transactions, bypassing traditional banking delays. It adds to the existing euro and dollar functionalities, providing a broader range of currency options for clients. Seamless international transactions are now possible, crucial for corporate finance and trade.
Among the initial users of the new GBP service are notable corporate clients such as LSEG's SwapAgent and commodities firm Trafigura. SwapAgent, a London Stock Exchange Group (LSEG) Post Trade Solutions business, has integrated Kinexys' blockchain deposit accounts into their offerings. Nathan Ondyak, chief executive at SwapAgent, stated that integrating the KDP blockchain deposit accounts could allow them to operate beyond traditional branch cut-off times and manage settlements in a programmable manner in the future.
The Kinexys platform, which processes over $2 billion in average daily transactions as of 2024, was launched for these new accounts at the firm's London branch. Notably, about 80% of the volume on the Kinexys platform is in US dollars. SwapAgent is considering opening additional blockchain accounts for its broader native offerings, following the pilot with GBP-denominated blockchain deposit accounts.
This expansion by Kinexys further solidifies JPMorgan's position in blockchain-based financial services, offering significant benefits in speed, efficiency, and security for its clients. The move allows UK companies access to blockchain-based accounts 24/7, potentially revolutionising financial operations for many businesses.
Daily transactions on the Kinexys platform, now including GBP-denominated deposits, will draw in a diverse range of investors and businesses seeking technology-driven finance solutions. With the addition of real-time GBP transfers, this innovation brings daily news of enhanced efficiency to the finance sector, reshaping technology-driven banking operations.
