- JPMorgan’s Kinexys now supports GBP accounts, enhancing cross-border payments.
- The new GBP integration boosts JPMorgan’s blockchain payments for corporate clients.
- Kinexys processes over $2B daily with clients like Trafigura and SwapAgent onboard.
JPMorgan Chase & Co. has expanded its blockchain-based payments system, Kinexys, to support British pound-denominated accounts. This move is designed to fill a gap in the stablecoin market, with the majority of transactions tied to the U.S. dollar.
Addition of the pound to JPMorgan creates more options for corporate clients seeking quick, low-cost, and flexible cross-border payment solutions. The new service enables clients to make transactions 24/7 in pounds, euros, and dollars, which enhances operational efficiency and increases currency liquidity.
Kinexys Grows with the Addition of British Pound Support
Launched in 2019 as JPM Coin, Kinexys is a blockchain network that facilitates real-time settlement and foreign exchange transactions for corporate clients. The platform, which was initially dollar-focused, expanded to support euro transactions last year.
Adding the pound gives JPMorgan a broader range of offerings to match the increasing demand from companies seeking to access quick and inexpensive payments in currencies other than U.S. dollars. Despite increasing interest in pound-denominated transfers, approximately 80% of the platform’s volume remains dollar-based.
JPMorgan’s expansion follows a trend within the stablecoin market, as dollar-pegged tokens have left companies seeking alternatives in other major currencies. To address this, the Kinexys network can provide cross-border payments and foreign exchange services at any time of day. JPMorgan’s latest move highlights its effort to expand Kinexys as a key tool for its corporate clients, including the London Stock Exchange Group’s SwapAgent and global commodities trader Trafigura, who are already on board, according to Bloomberg reports.
Corporate Clients Benefit from Real-Time Blockchain Payments
This is a major development for Kinexys, as it allows companies to carry out real-time payments with the addition of British pound support. London Stock Exchange Group’s post-trade services firm, SwapAgent, and commodities trader Trafigura are the first companies to use the new pound accounts.
Notably, SwapAgent will incorporate the GBP blockchain accounts into a pilot for digital settlement services to enhance its ability to manage settlements beyond traditional banking hours. Meanwhile, Trafigura plans to use the service for real-time payments across its financial hubs in London, New York, and Singapore.
JPMorgan’s Kinexys platform is enabled by the integration of blockchain technology that allows clients to transact efficiently and programmatically. The platform’s programmable payment features enable companies to automate treasury operations to improve cash flow management and operational control. JPMorgan’s move is a key milestone for its push into becoming a blockchain-based corporate client as a primary tool for streamlining financial transactions and reducing reliance on traditional banking hours.
The inclusion of the British pound on the Kinexys network marks JPMorgan’s ongoing effort to grow blockchain services to meet the changing needs of global businesses. Due to its rapid growth and average daily transaction volume rising to over $2 billion, Kinexys is becoming an increasingly important player in the blockchain-based payments industry. JPMorgan supports multiple currencies in Kinexys and hopes the solution will be a competitive alternative to existing payment systems, as it is available 24/7.
