JP Morgan has launched its blockchain-based bank account service, Kinexys Digital Payments (formerly JPM Coin), in a third currency, GBP. As a result, it can now provide 24/7 support for corporate payments and foreign exchange for dollars, euros and pounds. The first clients to use the sterling services in London are LSEG’s SwapAgent and commodities trader Trafigura.
Kinexys has processed more than $1.5 trillion in cumulative transactions across all its services which include payments, intraday repo, collateral management and other offerings. It now averages around $2 billion in transactions daily.
SwapAgent, the derivatives margin and settlement service that is part of LSEG’s LCH, will be using Kinexys Digital Payments via JP Morgan’s London subsidiary for its post trade services pilot, which is independent of the UK’s Digital Securities Sandbox. It will then consider a broader adoption of the service.
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