JPMorgan (JPM) added support for accounts lengled in British book to its payment network based on Kinexys blockchain, because the bank targets a gap left by the overwhelming focus of the Stablescoin market on the US dollar.
Launched in 2019 under the name of JPM Coin, Kinexys allows customers of companies to move funds between JPMorgan accounts and pay for exchange transactions at any time.
The addition of the book occurs less than a year after the expansion of the service to manage transactions in euros. Naveen Mallela, the world’s Co-Chef of the Onyx platform running the network, said that 80% of the volume of Kinexys remains based on a dollar, but the demand for book transfers is developing, reports Bloomberg.
This decision addresses a long -standing problem on the Stablescoin market of $ 230 billion, where almost all tokens are linked to the dollar. This has limited options for companies that need fast and low cost payments in other currencies and have experienced major financial institutions, including stablescoins to support Société Générale.
The first participants in the enlarged Pound service include Swapping, a post-exchange company from London Stock Exchange Group, and Trafigura, one of the largest basic products in the world.
The Kinexys network now deals with more than $ 2 billion in daily transactions, although this still represents a small tranche of the daily volume of 10 billions of dollars that JPMorgan manages throughout its payment activity, adds the report.
