Sterling (GBP) transactions are now supported by JP Morgan’s blockchain-based banking technology Kinexys Digital Payments (previously known as JPM Coin), making it the third currency after the US dollar and the euro. The move enables 24/7 corporate payments and foreign exchange services for pounds, enhancing round-the-clock liquidity management for institutional clients.
The first adopters of the GBP-denominated service include LSEG’s SwapAgent, a derivatives margin and settlement platform, and global commodities trader Trafigura. SwapAgent, which will function independently of the UK’s Digital Securities Sandbox (DSS), will use Kinexys for a post-trade services pilot through JP Morgan’s London unit. With ambitions to introduce programmable payments for almost real-time money transfers, Trafigura will use the platform to conduct cross-border payments between its offices in Singapore, London, and New York.
$1.5 Trillion in Transactions and Growing
Since its inception, Kinexys has processed over 1.5trillion∗∗intransactionsacrosspayments,intradayrepo,andcollateralmanagementservices.Theplatformnowhandlesanaverageof∗∗1.5trillion∗∗intransactionsacrosspayments,intradayrepo,andcollateralmanagementservices.Theplatformnowhandlesanaverageof∗∗2 billion daily, cementing its position as a leading blockchain-based settlement solution for institutional clients.
Nathan Ondyak, CEO of SwapAgent (LSEG), highlighted the benefits of integrating Kinexys, stating: “By incorporating blockchain deposit accounts into our offerings, we can operate beyond traditional banking hours and explore programmable settlements in the future.”
A Strategic Move Amid UK’s Digital Securities Push
In order to test digital securities trading and settlement, the Bank of England and Financial Conduct Authority (FCA) launched the GBP at the same time that the Digital Securities Sandbox (DSS) was just getting started. Industry watchers believe Kinexys might be crucial in filling the gaps for corporates and non-bank financial organizations who do not have direct access to central bank digital currency (CBDC), even if JP Morgan declined to comment on possible DSS involvement.
Other possibilities are being developed but are not yet operational, such as Fnality’s tokenized settlement system and the Regulated Liability Network (RLN), a project led by a UK bank for tokenized deposits. Kinexys is now positioned as a workable temporary solution for blockchain-based, real-time GBP transactions.
With its latest expansion, JP Morgan continues to push the boundaries of institutional blockchain adoption, offering a seamless, always-on payment infrastructure for global enterprises.
