Kinexys by JP Morgan expands blockchain deposits to support APAC currencies – Ledger Insights
Today Kinexys by JP Morgan has announced that its Blockchain Deposit Accounts now support five APAC currencies, AUD, HKD, JPY, RMB, and SGD in addition to the initial currencies, USD, EUR and GBP. Average daily transactions on Kinexys, which supports more than payments, have now reached $7 billion, with $4 trillion processed cumulatively. The key benefits of the Kinexys offerings are programmability and the ability to move money 24/7 without cutoff times.
The bank announced that payment fintech Payoneer was amongst the first to use the Kinexys solution for AUD and energy trader JERA Global Markets is using JPY for internal treasury management.
Competition is increasing. JP Morgan was the first major bank to provide this type of offering, with a big head start given it launched in October 2020. Now several other global systemically important banks (G-SIBs) have products. HSBC, which launched tokenized deposits just over a year ago, probably boasted the most currencies until today, supporting USD, GBP, EUR, HKD, SGD and AED. JP Morgan is the number one G-SIB by a reasonable margin according to the Basel Committee for Banking Supervision (BCBS), with HSBC ranking second. But in terms of cross jurisdictional activity, which is relevant for tokenized deposits, HSBC has the highest score (707) compared to fourth-placed JP Morgan (429). Additionally, institutional competition is starting to appear on the stablecoin front.
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