J.P. 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 hour of the day.
The bank added the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi and Singapore dollar to Kinexys’ Blockchain Deposit Account network, a feature that lets clients move tokenized bank deposits over the platform. The new additions join the U.S. dollar, euro and British pound, giving institutional clients access to eight currencies for blockchain-based settlement and foreign exchange.
The announcement comes as banks look for ways to solve a longstanding 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 remove some of those delays. Instead of relying solely on traditional payment rails, it uses a permissioned blockchain network operated by J.P. Morgan to record and settle transfers between participating clients. Because the platform runs continuously, businesses can move funds, exchange currencies and manage liquidity 24 hours a day, seven days a week.
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