JPMorgan to launch instant euro-dollar conversions on its blockchain

Share This Post

JPMorgan has developed instant dollar-euro settlements using its Kinexys blockchain, with the new feature slated to go live in the coming months. 

According to a Bloomberg News report, the bank will leverage its proprietary JPM Coin to facilitate fast, secure transactions for participating institutions. Once regulatory approvals are obtained, JPMorgan plans to add sterling transactions to the platform.

Kinexys processes over $2 billion in transactions daily and currently supports dollar- and euro-denominated payments. Yet, that figure represents a small fraction of JPMorgan’s $10 trillion daily payments volume.

Streamlining exchanges

Naveen Mallela, JPMorgan’s global co-head of Kinexys, said the lender aims to leverage blockchain technology to reduce operation costs and bolster liquidity for its clients in the traditional banking industry, where dollar-euro exchanges usually take up to two days to settle.

Mallela added:

“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.”

As Kinexys grows, the platform’s transaction volume has increased tenfold over the past year, with executives anticipating further scaling. 

Seeking profitability

However, as JPMorgan expands functionality and customer reach, its blockchain operation is not profitable. Umar Farooq, global co-head of JPMorgan Payments, noted that balancing costs with revenue may take three to five years. 

The bank’s proprietary blockchain division, Onyx, offers four major products, from blockchain-based clearing services to a tokenization platform. 

In November 2022, the lender executed its first foreign currency trade on a public blockchain a forked version of the leading money market, Aave, to issue and swap 100,000 Singaporean dollars for Japan’s yen with SBI Digital Asset Holdings.

The transaction was conducted on the Polygon blockchain, a public network, as a part of the Monetary Authority of Singapore’s Project Guardian.

The post JPMorgan to launch instant euro-dollar conversions on its blockchain appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Price Watch: Struggles at $84K—Will Bulls Take Control?

Bitcoin traded at $84,222 on March 15, 2025, with a market capitalization of $167 trillion, a 24-hour global trade volume of $2599 billion, and an intraday price range between $82,705 and $85,139,

Major leadership shift at HK Asia Holdings as Bitcoin Magazine takes the helm

In a significant move that solidifies Bitcoin Magazine’s presence in Asia, HK Asia Holdings (01723HK) has announced key leadership changes effective March 14, 2025 This development marks a

Top Altcoins to Invest in as Pump.fun Mania Fizzles Out

The meme coin frenzy that took the crypto world by storm is now showing signs of exhaustion  Platforms like Pumpfun, which allowed anyone to launch altcoins in minutes, are experiencing a sharp

Bitcoin Breaches 12-Year Support Line Against Gold – Is The Bull Run Over?

As Bitcoin (BTC) struggles amid the latest crypto market pullback – failing to decisively break past the $84,000 resistance – gold (XAU) continues its impressive rally, soaring to a

Pakistan forms new ‘Crypto Council’ to regulate blockchain and digital assets

The government of Pakistan has established the Pakistan Crypto Council (PCC) to oversee the integration and use of blockchain technology and digital assets into the nation’s financial landscape

Stablecoins Thrive as Crypto Stumbles: A $4.23B Growth Spree in 2 Weeks

While the crypto market contracted over the past two weeks, the stablecoin sector has ballooned by $423 billion since March 1, defying the broader trend Digital Dollars Dominate With Over 8% of