JPMorgan Adds GBP to Blockchain Platform Kinexys, Enhancing Global Payments

The Kinexys platform, previously known as JPM Coin, was first launched in 2019 to facilitate intraday fund transfers and FX settlements using blockchain technology. Following its rebranding in 2024, JPMorgan began scaling the service to support new currencies and programmability features. The addition of GBP, following the introduction of euro (EUR) accounts last year, makes Kinexys a more versatile solution for multinational clients seeking to bypass the delays and costs of traditional banking rails.

According to JPMorgan, GBP transactions are now live on Kinexys, enabling institutional clients to manage payments and FX operations without being constrained by banking hours or geographic borders. The platform allows customers to tokenize cash as “blockchain deposit accounts,” providing programmable money that can be used in smart contracts and integrated into real-time treasury workflows.

Two high-profile institutions, commodities trading giant Trafigura and financial infrastructure provider SwapAgent (a subsidiary of the London Stock Exchange Group), are among the first to adopt Kinexys GBP accounts. Nathan Ondyak, CEO of SwapAgent, stated the new setup offers the potential to “operate beyond traditional branch cut-off times and manage settlements in a programmable manner.”

Chris McLaughlin, Global Head of Group Treasury at Trafigura, emphasized the practical benefits: “By implementing programmable payments and adopting Blockchain Deposit Accounts for real-time cross-border transfers, we believe we are poised to benefit from a transformative financial solution that will streamline our operations and enhance our competitive edge in the global commodities trading landscape.”

Kinexys has reportedly handled over $1.5 trillion in cumulative payment volume since its inception, with daily averages exceeding $2 billion. However, that figure still pales in comparison to JPMorgan’s traditional wholesale payments business, which processes around $10 trillion daily, underscoring the runway Kinexys still has in scaling enterprise adoption.

The expansion also comes at a time when the broader stablecoin and tokenized asset markets remain largely dollar-centric. Over 95% of stablecoins are tied to the U.S. dollar, limiting flexibility for companies needing euro or pound exposure. Kinexys addresses this market gap by enabling on-chain settlement in multiple fiat currencies,but with institutional-grade compliance and security from a regulated bank.

JPMorgan has not issued a public statement confirming its participation in the UK’s newly launched Digital Securities Sandbox (DSS), a joint initiative by the Bank of England and the Financial Conduct Authority aimed at advancing blockchain-based financial services. However, the timing of Kinexys’ GBP rollout suggests strategic alignment with the UK’s ambitions to modernize its financial system and become a hub for tokenized finance.

Notably, Kinexys is not a public blockchain, transactions occur on a permissioned ledger governed by JPMorgan, and assets are limited to clients with JPMorgan accounts. Still, the platform’s programmability and 24/7 settlement capabilities represent a major leap from legacy payment rails and SWIFT-based transfers.

Looking ahead, industry watchers anticipate that JPMorgan could eventually expand Kinexys to include additional currencies such as the Japanese yen (JPY) or Swiss franc (CHF), as well as interoperability with digital asset platforms and central bank digital currencies (CBDCs).

With regulatory clarity on the rise and demand growing for frictionless settlement in global commerce, Kinexys’ GBP expansion is likely just the beginning of a broader push to redefine how money moves in the digital era.