JPMorgan (JPM) has added support to the British accounts called in pounds to their paying network based on Blockchain Kinexys, since the bank is aimed at a gap that left the overwhelming approach of the Stablecoin market in the US dollar.
Released in 2019 with the name of JPM Coin, Kinexys allows corporate clients to move funds between JPMorgan accounts and liquidate currency operations at any time.
The addition of the pound occurs less than a year after the service expanded to handle transactions in euro. Naveen Mallela, overall co-capital of the ONYX platform that executes the network, said that 80% of the Kinexys volume is still based on dollars, but the demand for pound transfers is growing, Bloomberg reports.
This movement addresses a long -standing issue in the Stablecoin market of $ 230 billion, where almost all tokens are linked to the dollar. That has limited options for companies that need quick and low -cost payments in other currencies and saw the main financial institutions, including the general company, launching established by Fiat.
Initial participants in the expanded Libra service include Swapagent, a company after trade under the London Stock Exchange Group, and Trafigura, one of the world’s largest basic products merchants.
The Kinexys network now processes more than $ 2 billion in daily transactions, although that still represents a small portion of the daily volume of $ 10, the daily volume manages throughout its payment business, adds the report.
