Share this article
JPMorgan Adds GBP Support to Its Blockchain Payments Service Kinexys
JPMorgan's Kinexys now supports British pound accounts, adding to its already existing U.S. dollar and euro offerings.
Apr 14, 2025, 12:55 p.m.
What to know:
- JPMorgan's Kinexys network added pound accounts for its blockchain-based payments system.
- The expansion aims to help fill a void left by the dominance of dollar-denominated stablecoins.
- Daily Kinexys transactions average $2 billion, with clients like LSEG’s SwapAgent and Trafigura joining the network.
JPMorgan (JPM) has added support for British pound-denominated accounts to its blockchain-based payments network Kinexys, as the bank targets a gap left by the stablecoin market’s overwhelming 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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The addition of the pound comes less than a year after the service expanded to handle euro transactions. Naveen Mallela, global co-head of the Onyx platform running the network,said 80% of Kinexys volume remains dollar-based, but the demand for pound transfers is growing, Bloomberg reports.
This move addresses a longstanding issue in the $230 billion stablecoin market, where nearly all tokens are tied to the dollar. That has limited options for companies needing fast, low-cost payments in other currencies and saw major financial institutions including Society Generale launch fiat-backed stablecoins.
Initial participants in the expanded pound service include SwapAgent, a post-trade firm under the London Stock Exchange Group, and Trafigura, one of the world's largest commodities traders.
The Kinexys network now processes over $2 billion in daily transactions, though that still represents a small slice of the $10 trillion daily volume JPMorgan handles across its entire payments business, the report adds.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
