JP Morgan has increased the number of currencies supported by its blockchain payments platform Kinexys, a move that could make it easier for multinational companies to transfer money between countries at any time of the day.
The bank added Australian Dollar, Hong Kong Dollar, Japanese Yen, Chinese Renminbi and Singapore Dollar to Kinexys’ Blockchain Deposit Account Network, a feature that allows customers to transfer tokenized bank deposits to the platform. The new additions join the US Dollar, Euro and British Pound, giving institutional clients access to eight currencies for blockchain-based settlement and foreign exchange.
The announcement comes as banks look for ways to solve a long-standing problem in global finance: moving money more quickly across borders without transactions having to go through multiple banks constrained by local business hours.
Kinexys is designed to remove some of these delays. Instead of relying solely on traditional payment rails, it uses a permissioned blockchain network operated by JP Morgan to record and settle transfers between participating customers. With the platform operating around the clock, businesses can move funds, exchange currencies and manage liquidity 24 hours a day, seven days a week.
