JPMorgan Rolls Out Instant Dollar-Euro Settlement on Kinexys
Hey FinTech Fanatic!
JP Morgan is set to enable instant settlement for dollar-to-euro foreign-exchange conversions on its Kinexys blockchain platform, with plans to introduce the British pound soon after.
As JPMorgan exec Naveen Mallela, co-head of Kinexys (formerly Onyx), put it, “If you look at JPM Coin, we generate revenues from fees, we also generate revenue from liquidity from holding those balances. We’re coming up with a third revenue stream from FX spreads.” Powered by the JPM Coin tokenized deposit, Kinexys processes over $2 billion daily and is scaling rapidly.
JPMorgan’s strategy here is notable for its ambition: Kinexys represents one of the few large-scale digital ledgers managed by a major bank. While it currently handles a fraction of JPMorgan’s daily $10 trillion in transactions, Kinexys’s growth is accelerating.
This latest feature aims to attract more clients—including FinTech firms—while potentially bringing Kinexys closer to profitability within three to five years. The goal with it? A seamless, high-speed FX system that transforms settlement from days to seconds.
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BLOCKCHAIN/CRYPTO NEWS
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PARTNERSHIPS
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MOVERS & SHAKERS
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