JPMorgan Expands Its Blockchain-Based Payment Platform, Kinexys, to Include British Pound (GBP)-Denominated Accounts

In a significant step toward modernizing cross-border payments, JPMorgan Chase & Co. has expanded its blockchain-based payment platform, Kinexys Digital Payments (KDP)

JPMorgan Chase & Co. has expanded its Kinexys Digital Payments (KDP) platform to include British pound (GBP) -denominated accounts in a significant step toward modernizing cross-border payments.

KDP, which provides commercial bank transaction capabilities to corporate clients, is now operating in London with GBP accounts, according to a Bloomberg report on Tuesday.

Kinexys is a blockchain-based platform that allows customers to transfer funds 24/7 between JPMorgan accounts and perform foreign exchange trades at their own convenience. It started with U.S. dollar (USD) support before adding euro (EUR). Now, KDP supports GBP, USD, and EUR as three main currencies for its 24/7 transaction service.

Naveen Mallela, who leads the platform, explained that there is growing demand for GBP transactions, while dollars make up about 80% of platform volumes.

Through its sterling accounts, JPMorgan aims to bridge the market demand for currency-dependent stablecoins by eliminating slow and expensive payment solutions for foreign currencies.

This marks the first blockchain-based operation of its kind in the entire United Kingdom to serve enterprise clients.

London Stock Exchange Group (LSEG) and its SwapAgent division, along with Trafigura as a global commodities trader, now have blockchain-based deposit accounts operational in London.

SwapAgent is setting up new blockchain-based accounts as part of its pilot project to enhance the post-trade system. The system focuses on two main objectives: optimizing non-standard time payments and introducing programmable payment methods.

According to Nathan Ondrak, Head of Market Infrastructure at SwapAgent, these new accounts will enable more flexible and automated payment management.

Meanwhile, Trafigura intends to leverage the fast and continuous payment capabilities between global financial markets, including New York, London, and Singapore.

Chris McLaughlin, Global Head of Treasury at Trafigura, noted that the system will increase efficiency in global payment processes.

Kinexys has completed over $1.5 trillion in payment processing and records more than $2 billion in daily transactions.

Payment volumes executed through the platform grew tenfold this year due to broader international client adoption.

JPMorgan is also integrating its foreign exchange (FX) services with Kinexys.

In November, JPMorgan announced its intention to merge blockchain network capabilities into its Foreign Exchange services. This integration will enable clients to execute their FX trade settlements within blockchain transactions so they can minimize risks and achieve speedier settlement durations.

KDP also features a “Programmable Payments” tool that allows companies to automate financial processes with conditional logic—known as “if-this-then-that.” This technology provides businesses with greater control over their cash flow management.

Through these developments, JPMorgan aims to enhance its presence within the quickly changing digital payment and blockchain financial domains. Ultimately, JPMorgan seeks to create an advanced financial system that operates above traditional technological limitations by establishing seamless financial connections across different platforms.