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 the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi and Singapore dollar to the Kinexys Blockchain deposit account network, a feature that allows customers to move tokenized bank deposits across the platform. The new additions join the US dollar, euro and pound sterling, giving institutional clients access to eight currencies for blockchain-based settlements and currencies.
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 limited by local banking hours.
Kinexys is designed to eliminate some of those delays. Instead of relying solely on traditional payment pathways, it uses a permissioned blockchain network operated by JP Morgan to record and settle transfers between participating customers. Because the platform runs continuously, businesses can move funds, exchange currencies, and manage liquidity 24 hours a day, seven days a week.
