J.P. Morgan’s blockchain business unit, Kinexys, has launched pound sterling-denominated blockchain deposit accounts.
The offering will come via the Kinexys Digital Payments platform for the bank’s London branch, which the firm says is one of the first blockchain products of its kind to be introduced in the UK.
The GBP-demoninated blockchain accounts will help clients with cross-border transactions, same-day foreign exchange settlements, and weekend processing.
J.P. Morgan has also named SwapAgent and Trafigura as the first clients to open London accounts on the platform, marking what they say is the first time companies in the UK will be using blockchain accounts for cross-border and real-time payments.
Nathan Ondyak, CEO at SwapAgent, says: “Integrating the innovative Kinexys Digital Payments blockchain deposit accounts into our SwapAgent offerings could allow us to operate beyond traditional branch cut-off times and manage settlements in a programmable manner in the future.”
Chris McLaughlin, global head of group treasury at Trafigura, adds: “This collaboration with Kinexys by J.P. Morgan will enable us with 24/7 near-real-time payments across major global financial centers.”
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