kinexys

KB Kookmin Bank announced that it will launch a cross-border corporate payment service based on the Kinexys blockchain payment network under JPMorgan in August, becoming the first financial institution in South Korea to apply this network for import and export enterprise settlements.It is reported that the service will initially support USD remittances, covering 10 countries including the United States, Saudi Arabia, Qatar, and the United Arab Emirates, and is expected to shorten the cross-time zone payment time with regions such as the United States and the Middle East.

According to CoinPost, Kinexys, a blockchain division of JPMorgan, announced the addition of five currencies to its Blockchain Deposit Account (BDA) network: Australian Dollar (AUD), Hong Kong Dollar (HKD), Japanese Yen (JPY), Renminbi (RMB), and Singapore Dollar (SGD). This expands the total supported currencies to eight, including the existing Euro, British Pound, and US Dollar, making it the platform with the most supported currencies in the global blockchain settlement and on-chain foreign exchange field.The BDA operates on JPMorgan's private blockchain, supporting 24/7 settlement and programmable payment features. Japanese energy giant JERA Global Markets became the first enterprise to adopt the Yen BDA, aimed at optimizing internal fund flow management and liquidity allocation. Currently, Kinexys has processed a cumulative transaction volume exceeding $40 trillion, with a daily transaction volume of over $7 billion.

According to Bloomberg, JPMorgan Chase has appointed former Goldman Sachs executive Oliver Harris as the head of its blockchain division Kinexys.Harris officially joined the bank earlier this month and will primarily be responsible for advancing the commercialization of applications under Kinexys and deepening partnerships with institutional clients.

According to Cointelegraph, JPMorgan Chase will expand JPM Coin to the Canton Network this year through Kinexys, which currently processes over $350 billion in U.S. Treasury repurchase settlements daily.

According to Cointelegraph, Mitsubishi Corporation of Japan will adopt the blockchain-based payment system Kinexys developed by JPMorgan for its global business fund transfers, achieving near-instantaneous fund transfers, reducing reliance on traditional banks, and providing 24/7 service.JPMorgan is seeking to expand the platform's daily transaction volume from the current $7 billion to $10 billion, with a cumulative transaction amount exceeding $30 trillion since its launch in 2020.

German automaker BMW Group (BMW AG) has begun using a blockchain-based system to automate part of its foreign exchange transactions, as companies increasingly seek to leverage the technology behind cryptocurrencies to accelerate and simplify the billions of dollars in cross-border payment processes.The company is using JPMorgan Chase & Co.'s Kinexys platform, which automatically reallocates euros from its Frankfurt account when BMW's dollar account balance in New York falls below a set threshold.

ChainCatcher news, according to The Block, JPMorgan is expanding the application of its Kinexys blockchain from payment and repurchase transactions to the back-office operations of the private equity market.The bank announced on Thursday that its Asset and Wealth Management division, in collaboration with fund manager Citco, completed its first transaction using a new system called Kinexys Fund Flow. This system automates the recording of fund activities for alternative investment funds on a private blockchain. The tool tokenizes investor records and uses smart contracts to automatically transfer cash between JPMorgan's brokerage accounts and fund managers, replacing the manual reconciliation and wire transfer methods that still dominate private fund operations.The system operates on the same permissioned Kinexys network that supports JPMorgan's tokenized deposit and payment products. Kinexys Fund Flow is expected to be fully rolled out early next year, with more features set to launch gradually before 2026. Citco stated that this technology could reduce error rates and costs across the industry, while JPMorgan views it as part of a broader initiative to modernize the distribution and servicing of alternative assets.

ChainCatcher news, according to Bloomberg, one of the largest financial institutions in the Middle East, Qatar National Bank (QNB Group), has switched to JPMorgan's blockchain platform to handle its dollar corporate payment business processed by its Qatar branch.In a statement released by both companies on Monday, it was noted that by adopting JPMorgan's Kinexys digital payment system, Qatar National Bank (QNB), headquartered in Doha, can now process dollar payments for its corporate clients in Qatar around the clock (24/7), taking only a few minutes. In contrast, bank payments using traditional payment channels are mostly processed only on business days, and funds may take several days to reach the beneficiary's account. The Kinexys network was launched in 2019 and currently processes transactions worth $3 billion daily.

ChainCatcher news, according to Bloomberg, JPMorgan has appointed Kara Kennedy as the new global co-head of its blockchain division Kinexys. Kennedy will co-lead the division with Naveen Mallela, overseeing asset tokenization and blockchain project prototyping. Previously, Kennedy served as the head of digital asset product strategy for JPMorgan's securities services business.

ChainCatcher news, according to The Block, JPMorgan's blockchain division Kinexys (formerly Onyx) announced a partnership with eight major banks in the Middle East and North Africa (MENA), including Qatar National Bank, National Bank of Saudi Arabia, First Abu Dhabi Bank, Emirates NBD, Dubai Commercial Bank, and Bank ABC. A JPMorgan spokesperson did not disclose the names of the other two banks. These banks will adopt the Kinexys platform to enhance cross-border payments, fund management, and transaction efficiency.

ChainCatcher news, according to Ledger Insights, JPMorgan will expand its blockchain-based bank account service Kinexys Digital Payments (formerly known as JPM Coin) to support a third currency, the British Pound, providing 24/7 corporate payment and foreign exchange services for USD, EUR, and GBP. The first users include LSEG's SwapAgent and commodity trader Trafigura. Kinexys has accumulated a transaction volume of over $1.5 trillion and currently processes about $2 billion in transactions daily.

According to ChainCatcher news reported by CoinDesk, JPMorgan Chase has announced the renaming of its Onyx division, which focuses on tokenization and blockchain, to Kinexys. The bank plans to launch on-chain foreign exchange capabilities as early as the first quarter of 2025, enabling 24/7 automated multi-currency settlements.JPMorgan's JPM Coin blockchain settlement technology has also been renamed to Kinexys Digital Payments. Users of the platform include global companies such as Siemens, BlackRock, and Ant International.JPMorgan stated that with the increase in transaction volume, higher customer adoption rates, and product expansion, they are ready to accelerate the application of blockchain technology and tokenization in mainstream financial services. The new on-chain foreign exchange feature will initially support USD and EUR, with plans to expand to other currencies in the future.