JPMorgan introduces instant dollar-euro FX settlement on its Kinexys blockchain, with sterling set to follow pending regulatory approval.
Banking giant JPMorgan Chase & Co. plans to post currency settlements for dollar-euro transactions on its blockchain platform called “Kinexys”.
According to a November 6 Bloomberg report, the system – formerly known as Onyx – will use JPM Coin, the bank’s digital token integrated into Kinexys. In mid-October 2023, crypto.news reported that JPM Coin, pegged to the US dollar, reached the $1 billion mark in daily transactions processed.
You might also like: JPMorgan: Bitcoin Surpasses Gold in Investor Portfolios
Naveen Mallela, global co-head of Kinexys, says the bank aims to generate a “new revenue stream from currency spreads” with the blockchain platform. JPMorgan Chase launched Kinexys in 2020 in an effort to facilitate digital payments using JPM Coin, a tokenized version of the US dollar.
Despite JPMorgan’s push into blockchain, institutional traders still remain cautious about the technology. As crypto.news previously reported, a survey of more than 4,000 institutional traders in early 2024 conducted by the bank found that only 7% saw blockchain as a promising asset for the next three years.
Read more: JPMorgan launches new tokenization platform
