J.P. Morgan Expands Kinexys to Eight Currencies Across Asia-Pacific
In brief
- Kinexys now supports Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi, and Singapore dollar alongside U.S. dollar, euro, and British pound
- Platform enables 24/7 payment settlement and foreign exchange execution without traditional banking hour constraints
- Permissioned blockchain operated by J.P. Morgan; clients hold regulated bank deposits represented digitally on network
- Payoneer and JERA Global Markets among first institutional customers adopting new currency accounts
Kinexys Expands Across Asia-Pacific
J.P. Morgan added the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi and Singapore dollar to Kinexys' Blockchain Deposit Account network. 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 expansion strengthens J.P. Morgan's presence in Asia-Pacific, where cross-border trade and foreign exchange activity remain among the busiest in the world. Payoneer, a financial technology company, is one of the first customers using the Australian dollar version of the service. JERA Global Markets, the trading arm of Japanese energy company JERA, is the first client to use the Japanese yen account.
How Kinexys Works
Kinexys uses a permissioned blockchain network operated by J.P. Morgan to record and settle transfers between participating clients. The platform is not built around cryptocurrencies like bitcoin. Instead, clients hold deposits at J.P. Morgan that are represented digitally on the blockchain, allowing transfers to settle almost instantly within the network while remaining inside the regulated banking system.
"Because the platform runs continuously, businesses can move funds, exchange currencies and manage liquidity 24 hours a day, seven days a week." — J.P. Morgan
Scale and Momentum
According to J.P. Morgan, Kinexys has processed more than $4 trillion in transactions since its launch, with average daily volume exceeding $7 billion. The platform's continuous operation addresses a longstanding friction point in international finance: traditional banking rails close during weekends and holidays, forcing businesses to wait for settlement. Kinexys runs without those constraints, enabling real-time liquidity management across time zones.
