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JPMorgan’s Blockchain-Based Payments Network Adds Support for GBP

April 14, 2025
in News
Reading Time: 2 mins read
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Quick take:

  • The company said the move will allow UK companies access to blockchain-based accounts 24/7.
  • They will be able to use the accounts for real-time payments and cross-border transactions and allow users to conduct foreign exchange between GBP, EUR, and USD.
  • Kinexys previously introduced EUR-denominated blockchain accounts in Frankfurt.

JPMorgan’s blockchain platform Kinexys (formerly Onyx) has expanded support to include pound sterling dominated blockchain deposit accounts. The accounts were launched on Kinexys Digital Payments (KDP) at the firm’s London branch, making it one of the first blockchain products of its kind in the UK.

According to the announcement on Monday, the move allows UK companies access to blockchain-based accounts 24/7. They will be able to use the accounts for real-time payments and cross-border transactions and allow users to conduct foreign exchange between GBP, EUR, and USD.

The launch follows Kinexys’ introduction of EUR-denominated blockchain accounts in Frankfurt.

Kinexys launched in 2019 as a blockchain payments platform for corporate and institutional customers. As of 2024, the platform was processing more than $2 billion average in daily transactions.

The platform revealed that the first corporate customers to open GBP-denominated blockchain deposit accounts will be SwapAgent, a London Stock Exchange Group (LSEG) Post Trade Solutions business, and Trafigura.

Commenting on the announcement, Nathan Ondyak, chief executive at SwapAgent, said in a statement: “Integrating the innovative KDP blockchain deposit accounts into our SwapAgent offerings could allow us to operate beyond traditional branch cut-off times and manage settlements in a programmable manner in the future.”

This move is being viewed as a pilot for SwapAgent, with the company considering opening additional blockchain accounts for its broader native offerings.

Chris McLaughlin, global head of group treasury, Trafigura, said: “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.”

Naveen Mallela, global co-head of Kinexys, said in an interview that about 80% of the volume on the platform is in US dollars.


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