JP Morgan expands blockchain payments to sterling

JP Morgan has expanded its blockchain-based payments service, adding sterling-denominated accounts for corporate clients.

According to Bloomberg, JP Morgan will use its digital payments network, Kinexys, for these commercial bank transactions.

On Monday, JP Morgan’s in London launched the expansion, incorporating blockchain-based deposit accounts supporting the UK currency on its platform, according to Naveen Mallela, global co-head at Kinexys.

“We are incredibly proud to launch the first of its kind on-chain GBP Digital cash product and continue to push bank led innovation on digital currencies working with some of the largest and pioneering institutions globally bringing scale, demonstrable commercial benefits and cutting edge technology to the real world,” said Mallela in a social media post.

Formerly known as JPM Coin, Kinexys launched in 2019, to allow capital movement between JP Morgan accounts as well as settle foreign-exchange transactions.

The move comes to bridge gap left by the approximately $235bn stablecoin market, where most tokens are currently tied to the US dollar.

As a result, corporate clients have created a demand for accessing low-cost transfers and increased access to liquidity in sterling.

London Stock Exchange Group’s post-trade solutions business SwapAgent Ltd. and commodities trader Trafigura Group will join the Kinexys platform to use the sterling-denominated accounts, Mallela said.

spot_img

Latest

Magazine

Related content