Investment Giant JPMorgan Announces It Will Allow Opening Blockchain Deposit Accounts Using This Currency! Here Are the Details

JPMorgan has expanded its blockchain-based payment offerings through its digital payments division Kinexys, formerly known as Onyx, with the launch of blockchain deposit accounts denominated in British Pounds (GBP).

JPMorgan Expands Blockchain Payments with GBP Accounts Through Kinexys

This move positions Kinexys as a significant player in the blockchain-supported corporate finance sector by extending the bank's real-time payment capabilities beyond the current euro (EUR) and US dollar (USD) offerings.

In a statement shared today, JPMorgan said that the new service allows customers to access funds on demand, process transactions on weekends, and make same-day currency (FX) payments, enabling 24/7 cross-border transactions. These features aim to enhance efficiency, flexibility, and speed for global businesses.

JPMorgan stated, "New blockchain accounts in GBP enable customers to carry out seamless cross-border transactions, including 24/7 currency exchange."

With the introduction of GBP, JPMorgan clients can now eliminate the restrictions of traditional banking hours and instantly transfer funds between GBP, EUR, and USD at any time of the day. The London Stock Exchange Group's SwapAgent and global commodity trading giant Trafigura were the first clients to adopt the new accounts.

SwapAgent is incorporating blockchain deposit accounts into a pilot application for digital transaction reconciliation services.

SwapAgent CEO Nathan Ondyak stated, "Integrating Kinexys' innovative digital payments into SwapAgent can enable us to operate beyond traditional branch closing hours."

Trafigura will use GBP blockchain accounts to facilitate real-time payments between its global centers in London, New York, and Singapore.