Key facts
- J.P. Morgan's Kinexys blockchain payments platform now supports eight currencies.
- New currencies added include AUD, HKD, JPY, CNY, and SGD.
- The platform enables 24/7 cross-border payments and foreign exchange.
- Kinexys has processed over $4 trillion in transactions since its launch.
- Clients use tokenized bank deposits on the blockchain for settlement.
J.P. Morgan has expanded its Kinexys blockchain payments platform to include the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi, and Singapore dollar, bringing the total supported currencies to eight. This move aims to modernize cross-border payments by enabling 24/7 settlement and foreign exchange for institutional clients.
The platform utilizes a permissioned blockchain operated by J.P. Morgan to record and settle transfers using tokenized bank deposits. This allows businesses to move funds and exchange currencies around the clock, bypassing the limitations of traditional banking hours and multiple intermediary banks.
Since its launch, Kinexys has processed over $4 trillion in transactions, with average daily volumes exceeding $7 billion. The expansion, particularly into Asia-Pacific markets, is expected to deepen the bank's reach in regions with high cross-border trade activity.
Financial technology company Payoneer is among the first customers utilizing the Australian dollar functionality to improve payment settlement efficiency. JERA Global Markets, the trading arm of Japanese energy company JERA, is the initial client to use the Japanese yen account, a capability valuable for energy traders needing to manage large sums across time zones.