2024

Onyx

Read

JPMorgan is rolling out instant dollar-euro FX settlement on its Kinexys blockchain, with sterling set to follow pending regulatory clearance.
Banking giant <a href="https://crypto.news/tag/jp-morgan/" target="_blank" rel="noopener noreferrer nofollow">JPMorgan</a> Chase &amp; Co. is set to bring foreign exchange settlements for dollar-euro transactions on its <a href="https://crypto.news/tag/blockchain/" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> platform dubbed “Kinexys.”
According to a Bloomberg <a href="http://www.bloomberg.com/news/articles/2024-11-06/jpmorgan-jpm-coin-to-offer-instant-dollar-euro-blockchain-trades" target="_blank" rel="noopener noreferrer nofollow">report</a> on Nov. 6, the system — previously known as Onyx — will leverage JPM Coin, the bank’s digital token integrated into Kinexys. In mid-October 2023, crypto.news reported that JPM Coin, pegged to the U.S. dollar, <a href="https://crypto.news/jpmorgans-digital-token-said-to-handle-1b-in-daily-transactions/" target="_blank" rel="noopener noreferrer nofollow">reached</a> the $1 billion mark in processed daily transactions.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/jpmorgan-bitcoin-outpaces-gold-in-investor-portfolios/"> JPMorgan: Bitcoin outpaces gold in investor portfolios </a>
Naveen Mallela, global co-head of Kinexys, says the bank wants to generate a “new revenue stream from FX spreads” with the blockchain platform. JPMorgan Chase launched Kinexys in 2020 in an effort to facilitate digital payments with JPM Coin, a tokenized version of the U.S. dollar.
Despite JPMorgan’s push in the blockchain space, institutional traders still remain cautious on the technology. As crypto.news earlier <a href="https://crypto.news/less-than-8-of-institutional-traders-believe-in-blockchain-jpmorgan-says/" target="_blank" rel="noopener noreferrer nofollow">reported</a>, a survey of more than 4,000 institutional traders conducted by the bank in early 2024 revealed that only 7% considered blockchain a promising asset for the next three years.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/jpmorgan-launches-new-tokenization-platform/"> JPMorgan launches new tokenization platform </a>

JPMorgan to launch dollar-euro FX settlements via Kinexys blockchain

crypto.news

Other articles published on Nov 6, 2024

Cardano (ADA) Price to Spike 50% If This Key Resistance Breaks

3 Stocks that Can Surge in Trump’s “Golden Age” for America

Blockchain Innovators Worth $21B+ Launch The ZkBoost Consortium for ZK Advancement

Trump Wins, South Koreans Flock to This Altcoin! It Left Bitcoin (BTC) and All Other Altcoins Beh...

VFD Group posts nearly N5bn profit before tax in 9 months as it looks to rebound from 2023 loss

Cetus Protocol (CETUS) Jumps 59% on Binance Partnership News

Join our free newsletter for daily crypto updates!