JPMorgan has introduced British Pounds to their blockchain-based banking service, Kinexys Digital Payments, allowing exchange methods in GBP.

Kinexys introduces blockchain infrastructure solutions for cross-border payments, tokenized investments, and digital assets such as cryptocurrencies. 

The firm’s addition of GBP joins Kinexys’s existing fiat support for Euros and United States Dollars, offering support for institutions and banking clients connected to J.P. Morgan. 

JPMorgan Kinexys introduces GBP for blockchain solutions

JPMorgan’s Kinexys is a blockchain-powered platform for tokenization and digital asset solutions. The platform is home to Kinexys Digital Payments, a system enabling 24/7 support for cross-border payments, integrating foreign exchange settlements.

Kinexys Digital Assets allows financial institutions to access bond issuance, tokenized collateral, and enhanced asset management services. There is also Kinexys Labs, focused on digital asset research and various implementations.

The Kinexys platform has settled over $1.5 trillion in transactions with an average of $2 billion transactions per day. 

Reports suggest that the first clients to utilize Kinexys GBP services are Trafigura and LSEG’s SwapAgent. Trafigura is a multinational commodities firm based in Singapore, while SwapAgent is part of LSEG’s LCH.

SwapAgent and Trafigura, and the UK’s Digital Securities Sandbox

SwapAgent will benefit from Kinexys Digital Payments’ service for their post-trades services pilot. The firm has considered utilizing blockchain accounts for wider offerings outside of traditional branch-based times, managing liquidity over a 24/7 period.

From Nathan Ondyak, CEO of SwapAgent, part of the London Stock Exchange Group:

Integrating the innovative Kinexys Digital Payments blockchain deposit accounts into our SwapAgent offerings could allow us to operate beyond traditional branch cut-off times and manage settlements in a programmable manner in the future. 

As we expand SwapAgent’s settlement capabilities and enhance our digital presence, we’re eager to collaborate with Kinexys by J.P. Morgan

From Chris McSwapAgent Laughlin, Global Head of Group Treasury at Trafigura:

We are excited to advance our capabilities with Kinexys Digital Payments blockchain deposit accounts in the UK. This collaboration with Kinexys by J.P. Morgan will enable us with 24/7 near-real-time payments across major global financial centers.

The GBP launch for Kinexys reminds many of the UK’s pledge to create a Digital Securities Sandbox, a way for the Financial Conduct Authority (FCA) and the Bank of England to experiment with digital assets and GBP.