CMC Markets has begun using blockchain technology to transfer cash and settle payments instantly through a partnership with Kinexys Digital Payments, part of JPMorgan’s blockchain business unit. The system is live after successful testing and enables near real-time settlement through a network of Blockchain deposit accounts.
The move follows JPMorgan’s launch last year of JPMCoin, a blockchain-based deposit token for institutional clients. The token allows transactions to be settled in seconds, 24/7, instead of during traditional banking hours, and is issued on the public blockchain Base via the Kinexys infrastructure.
Lord Peter Cruddas, founder and CEO of CMC Markets, said the company sees “improved capital efficiency and operational flexibility” from the partnership.
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The solution allows institutions to move funds instantly between currencies and regions, reducing settlement risk, operational friction and costs, while maintaining levels of security comparable to traditional payment rails. The initiative supports CMC’s strategy to enhance its global technology infrastructure and improve capital efficiency in international operations.
Zack Chestnut, Global Head of Business Development for Kinexys Digital Payments, said the team is working with customers to “unlock the power of 24/7/365 in chain settlement and programmable payments.”
JPMorgan bridges private network with public blockchain
The rollout of CMC Markets follows the broader Kinexys activity at JPMorgan. In May last year, the bank completed its first blockchain transaction connecting private and public networks. The deal involved tokenized US Treasuries, moving funds to Kinexys to settle government bonds listed on a public blockchain operated by Ondo Finance.
Chainlink was used to connect the private and public systems. Previously, JPMorgan’s blockchain work was limited to internal networks, while previous trials, such as a 2024 pilot with Siemens, remained experimental. Tokenized treasuries are blockchain-based versions of money market funds that provide exposure to sovereign debt.