JPMorgan Revolutionizes FX Transactions with Blockchain Technology

JPMorgan has enhanced its blockchain platform, now rebranded as Kinexys Digital Payments, by integrating it with the bank’s foreign exchange (FX) services.

This allows for the settlement of on-chain FX transactions, starting with USD and EUR, with plans for more currencies in the future. This integration aims to reduce FX settlement risks and accelerate trade processes, boosting Kinexys as a key player in digital cross-border payments.

Since its launch, Kinexys has seen impressive growth, processing over $1.5 trillion in transactions. By October 2023, JPM Coin, now Kinexys Digital Payments, surpassed $1 billion in daily transactions.

JPMorgan also announced a proof-of-concept demonstrating blockchain’s potential for privacy, identity, and composability.

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Beyond FX, JPMorgan continues to drive blockchain innovation, having partnered with Mastercard, Visa, and Citigroup on the Regulated Settlement Network (RSN), which integrates commercial bank money with central bank funds.

This effort is backed by the Federal Reserve’s New York Innovation Center and highlights JPMorgan’s growing influence in blockchain-based financial solutions.

Kosta Gushterov

Kоста работи в крипто индустрията от над 4 години. Той се стреми да представя различни гледни точки по дадена тема и харесва сектора заради неговата прозрачност и динамика. В работата си той се фокусира върху балансираното отразяване на събитията и развитието в крипто пространството, като предоставя информация на своите читатели от неутрална гледна точка.