JP Morgan has expanded the number of currencies supported by its Kinexys blockchain payments platform, a move that could make it easier for multinational companies to move 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 lets customers move tokenized bank deposits across 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 faster across borders, without transactions having to go through multiple banks constrained by local banking hours.
Kinexys is designed to remove some of these delays. Instead of relying solely on traditional payment rails, it uses a peer-to-peer blockchain network powered by JP Morgan to record and settle transfers between participating customers. Because the platform runs continuously, businesses can move money, exchange currency and manage liquidity 24 hours a day, seven days a week.
