Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
JPMorgan platform handles $1.5T in FX trades

JPMorgan platform handles $1.5T in FX trades

GrafaGrafa2024/11/07 07:37
By:Liezl Gambe

JPMorgan has launched an instant dollar-euro foreign exchange (FX) settlement feature on its blockchain-based Kinexys platform.

Announced by Kinexys CEO Umar Farooq at the Singapore Fintech Festival, this development integrates Kinexys Digital Payments with JPMorgan’s global FX services, enabling near real-time USD-EUR transactions.

Kinexys, previously known as Onyx, has processed over $1.5 trillion in transactions to date, averaging $2 billion daily.

This latest integration aims to minimise FX settlement risks and expedite trade settlements.

"Soon, we’ll be adding foreign exchange (FX) capabilities to Kinexys Digital Payments, formerly JPM Coin System," the company stated.

The announcement was accompanied by a proof-of-concept (POC) from Kinexys Digital Assets and Kinexys Labs, showcasing enhancements in on-chain privacy, identity, and composability.

The platform’s cross-border payment capabilities have contributed to significant growth in transaction volume, enabling seamless fund transfers across global markets, even outside traditional banking hours.

By mid-October 2023, the Kinexys Digital Payments system, pegged to the US dollar, processed $1 billion in daily transactions.

JPMorgan's advancements include collaborations aimed at strengthening the financial ecosystem with blockchain.

In May, the bank partnered with Mastercard, Visa, and Citigroup to develop the Regulated Settlement Network (RSN), integrating commercial bank funds and securities.

This initiative, endorsed by the New York Innovation Center of the Federal Reserve Bank of New York, explored distributed ledger technology's role in facilitating interconnected financial operations.

Additionally, June saw Fidelity International joining JPMorgan’s tokenised network, underscoring the financial sector's growing interest in blockchain for practical applications.

JPMorgan continues to position Kinexys as a vital player in cross-border digital payments, enhancing global FX settlements with blockchain technology.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!