The big-shot bank is flexing its blockchain muscles again, this time in the UK. They’ve rolled out pound sterling-denominated blockchain deposit accounts through their Kinexys platform, formerly known as Onyx.
Fancy name change aside, this is a big deal. It’s one of the first blockchain-based products of its kind in Britain, and it’s got corporate players buzzing.
Big league
These accounts are available 24/7 for UK companies. No more waiting for traditional banking hours to make real-time payments or handle cross-border transactions. You can even swap between GBP, EUR, and USD like it’s nobody’s business.
This follows Kinexys’ earlier launch of euro-denominated blockchain accounts in Frankfurt. Clearly, they’re playing the long game in Europe.
Kinexys isn’t new to the scene, it’s been around since 2019, catering to corporate and institutional clients.
And get this, by 2024, they were processing over $2 billion daily. That’s not pocket change, guys.
The first movers on these pound-based accounts? SwapAgent from the London Stock Exchange Group and Trafigura, a global commodities giant. These aren’t small fish, they’re whales.
Ecosystem
Nathan Ondyak from SwapAgent thinks this could be a game-changer. He’s talking about programmable settlements and operating beyond traditional banking cut-off times. Sounds futuristic, right?
Meanwhile, Trafigura’s Chris McLaughlin is hyped about real-time cross-border transfers and streamlined operations. They’re betting big on blockchain to sharpen their competitive edge.
Naveen Mallela, Kinexys’ co-head, spilled some stats, and said that 80% of the platform’s volume is in US dollars.
But with moves like this GBP rollout, Kinexys is clearly diversifying its playbook, as they’re building an ecosystem.
Race
While this sounds like progress, it raises questions about accessibility. Sure, giants like SwapAgent and Trafigura can jump in headfirst, but what about smaller players?
Will they get left behind in this high-tech race? It’s a tale as old as time, big banks innovate, but sometimes the little guys pay the price.
JPMorgan is ready to push blockchain deeper into mainstream finance. Whether this ushers in a new era or just widens the gap between big and small players is unknown yet.
Have you read it yet? Bitcoin is strong, unbothered by tariffs and market turmoil?
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