J.P. Morgan Launches GBP Blockchain Accounts in London

J.P. Morgan's blockchain-based SwapAgent platform has launched GBP-denominated Blockchain Deposit Accounts at its London branch. This marks one of the first blockchain-based financial products of its kind in the United Kingdom.

SwapAgent Ltd, a post-trade solutions business, and commodity trading firm Trafigura will be the first clients to open accounts on the Kinexys platform in London. They are expected to utilize the blockchain accounts for 24/7 real-time payments and cross-border transactions. The new accounts enable seamless cross-border payments and foreign exchange capabilities around the clock, utilizing weekend processing and extended same-day FX settlements.

The launch expands Kinexys Digital Payments' global solutions, following the introduction of EUR-denominated accounts in Frankfurt and FX capabilities. Clients can also automatically move funds to and from London blockchain accounts via Kinexys' Programmable Payments service.

SwapAgent will use the service for a digital post-trade services pilot project and is considering expanding its use to other offerings. Trafigura will leverage the accounts for real-time payments across its global financial centers, including New York, London, and Singapore.

The Kinexys platform has processed over $1.5 trillion in transactions since its inception. The service also includes the Programmable Payments feature, which allows for the automation of transactions.