The largest US bank, JPMorgan Chase, announced the official launch of instant settlements when converting currencies between the dollar and the euro. For this, JPMorgan will use its own Kinexys blockchain platform.
About this writes Bloomberg. The system will use the JPM Coin tokenized deposit owned by Kinexys, which processes more than $2 billion in transactions daily. JPM Coin currently facilitates USD and EUR payments for participating institutions through the Kinexys blockchain.
According to analysts, this initiative is one of the few examples of a digital registry deployed at the scale of a major bank. The instant settlement service will help the world’s largest payment intermediary attract more customers, including fintech companies.
Balancing costs and revenues may take another three to five years, emphasized global co-head of JP Morgan Payments Umar Farooq. The Onyx blockchain was renamed Kinexys in part to make the platform less “mysterious,” he said.
Last year, the holding announced the introduction of a payment system in euros for corporate clients using the JPM Coin stablecoin. Previously, the blockchain payment platform aimed at corporate customers only worked with the dollar.
