JPMorgan (JPM) added support for the British -denied British accounts to the Blockchain pay payments network, as the bank targets a gap left by the overwhelming Stablecoin market on the US dollar.
Kinexys was launched in 2019 under the name JPM COIN, Kinexys allows corporate customers to transfer money between JPMorgan accounts and settle foreign currencies at any hour.
The addition of the pound comes after less than a year after service Expanding to deal with euro transactions. Naveen Malleda, the global coach of the onyx platform that runs the network, said 80 % of the size of Kinexys still depends on the dollar, but the demand for the transfer of the pound grows, Bloomberg reports.
This step deals with a long -term problem in the Stablecoin market of $ 230 billion, as almost all symbols are linked to dollars. This contains limited options for companies that need rapid and low -cost payments in other currencies and witnessed major financial institutions Including society, a general Fiat -backed Stablecoins.
Among the first participants in the Swapagent service, the post -trade company under the Stock Exchange Group in London, and Trafigura, is one of the largest commodity dealers in the world.
The report adds that the Kinexys network is now treating more than two billion dollars in daily transactions, although this still represents a small slice of JPMorgan daily with a value of $ 10 trillion through entire payments.
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