As a seasoned crypto investor with a knack for staying abreast of the latest developments in the digital asset space, I find JPMorgan’s foray into instant dollar-euro FX settlement on their Kinexys blockchain both intriguing and somewhat expected. Having closely observed the bank’s strategic moves over the years, it is evident that they are positioning themselves as a key player in the blockchain revolution.
JPMorgan is initiating immediate settlement for U.S. dollar to euro transactions using its Kinexys blockchain platform. They plan to add British pound settlements once regulatory approval is obtained.
Global banking leader JPMorgan Chase & Co. is planning to facilitate foreign exchange settlements involving US dollars and Euros using their blockchain system called “Kinexys.
As per a Bloomberg report dated November 6th, the system, formerly known as Onyx, is set to utilize JPM Coin – the bank’s digital token within Kinexys. Previous reports from crypto.news in mid-October 2023 mentioned that daily transactions for JPM Coin, backed by the U.S. dollar, surpassed $1 billion.
Naveen Mallela, a worldwide leader at Kinexys, shares that the bank aims to create a fresh income source from Foreign Exchange spreads using their blockchain platform. JPMorgan Chase established Kinexys back in 2020, primarily to streamline digital payments by utilizing JPM Coin, which is a tokenized representation of U.S. dollars.
Even though JPMorgan is actively involved in the blockchain sector, it appears that many institutional traders are hesitant towards this technology. A survey of over 4,000 such traders conducted by the bank earlier in 2024 found that just 7% viewed blockchain as a promising investment for the next three years. (Crypto.news previously reported this.)
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2024-11-06 11:53