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JPMorgan Adds GBP Support to Blockchain Payments Service Kinexys
JPMorgan Adds GBP Support to Blockchain Payments Service Kinexys
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JPMorgan has added support for British pound-denominated accounts to its blockchain-based payments network Kinexys. The move targets a gap left by the stablecoin market’s focus on the U.S. dollar. Launched in 2019 under the name JPM Coin, Kinexys allows corporate clients to move funds between JPMorgan accounts and settle foreign exchange trades at any hour. The addition of the pound comes less than a year after the service expanded to handle euro transactions. According to Naveen Mallela, global co-head of the Onyx platform, 80% of Kinexys volume remains dollar-based, but the demand for pound transfers is growing.
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