J.P. Morgan broadens blockchain settlement network as banks modernize cross-border payments

J.P. Morgan has expanded the number of currencies supported by its Kinexys blockchain payments platform, a move that could make it easier for multinational companies to move money between countries at any hour of the day.

The bank added the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi and Singapore dollar to Kinexys' Blockchain Deposit Account network, a feature that lets clients move tokenized bank deposits over the platform. 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 announcement comes as banks look for ways to solve a longstanding problem in global finance: moving money faster across borders without transactions having to go through multiple banks limited by local banking hours.

Kinexys is designed to remove some of those delays. Instead of relying solely on traditional payment rails, it uses a permissioned blockchain network operated by J.P. Morgan to record and settle transfers between participating clients. Because the platform runs continuously, businesses can move funds, exchange currencies and manage liquidity 24 hours a day, seven days a week.

The platform is not built around cryptocurrencies like bitcoin BTC$59,913.04. 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.

Payoneer, a financial technology company that helps businesses send and receive international payments, is one of the first customers using the Australian dollar version of the service. The company said it will use the platform to improve cross-border payment settlement and move funds between markets more efficiently.

JERA Global Markets, the trading arm of Japanese energy company JERA, is the first client to use the Japanese yen account. Energy traders often need to move large sums quickly to meet trading obligations across time zones, making around-the-clock access to cash an operational advantage.

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 latest expansion strengthens its presence in Asia-Pacific, where cross-border trade and foreign exchange activity remain among the busiest in the world.