JPMorgan to launch dollar-euro FX settlements via Kinexys blockchain

JPMorgan is implementing instant dollar-euro currency swaps on the Kinexys blockchain, with sterling to follow pending regulatory approval.

Banking giant JPMorgan Chase & Co. is preparing to introduce currency settlements for dollar-euro transactions on its blockchain platform called “Kinexys”.

According to Bloomberg’s Nov. 6 report, the system, formerly 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 US dollar, reached $1 billion in daily transactions processed.

Naveen Mallela, global co-head of Kinexys, said the bank wants to create “a new revenue stream from FX spreads” with its blockchain platform. JPMorgan Chase launched Kinexys in 2020 to facilitate digital payments with JPM Coin, a tokenized version of the US dollar.

Despite JPMorgan’s foray into blockchain, institutional investors are still cautious about the technology. As Crypto.news previously reported, a survey of more than 4,000 institutional traders conducted by the bank in early 2024 found that only 7% saw blockchain as a promising asset for the next three years.