J.P. Morgan Expands Blockchain Banking with GBP Launch

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J.P. Morgan has expanded its blockchain-based payment system, Kinexys Digital Payments, to include British pound sterling (GBP), opening the door for faster, automated, and round-the-clock transactions in one of the world’s key financial hubs.

This adds to Kinexys’ existing U.S. dollar and euro capabilities, marking another step in the bank’s push to modernize corporate banking through blockchain.

Already, some of the City’s major players are on board. The London Stock Exchange Group’s SwapAgent and global commodities trader Trafigura are among the early adopters of the new sterling service.

Kinexys, which was previously known as JPM Coin, now processes over $2 billion in daily transactions and has surpassed $1.5 trillion in cumulative volume since launch, proof that blockchain is quietly but steadily transforming the plumbing of global finance.

The new GBP feature enables corporate clients to make instant, cross-border payments and manage liquidity even on weekends, something traditional banking systems still struggle to offer.

For Trafigura, this means being able to sweep funds automatically between its offices in London, New York, and Singapore, using programmable rules that mimic an “if-this-then-that” logic.

SwapAgent, meanwhile, is using the system in a pilot for digital post-trade services, with an eye toward extending it to other parts of its business.

Read: 3 Benefits of JP Morgan Chase Bank Presence in Kenya

While J.P. Morgan declined to confirm any involvement, the launch comes just as the Bank of England and the Financial Conduct Authority (FCA) begin testing the UK’s Digital Securities Sandbox, a regulatory framework meant to explore digital innovations in finance. The timing has raised speculation that Kinexys could play a role in shaping that future.

What sets Kinexys apart is its foundation: a permissioned blockchain that serves both as a real-time ledger and a secure, always-on payment rail. That means no waiting for banking hours or battling time zone differences to settle transactions.

It also supports a range of advanced financial tools, from intraday repo to collateral management, key services for institutions managing large, complex portfolios.

Importantly, Kinexys doesn’t operate in a vacuum. It plugs into J.P. Morgan’s broader ecosystem, including Wire365 (which supports 365-day dollar settlements) and partnerships like Mastercard’s Multi-Token Network (MTN), which aims to streamline cross-border B2B payments via a single API.

Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.