JPMorgan Launches Instant EUR-USD Blockchain Conversion

Key Points:

• JPMorgan Chase plans to launch an instant EUR-USD conversion service on the Kinexys blockchain.
• The service aims to provide faster and more cost-effective payment solutions, particularly for fintech companies.

JPMorgan Chase is set to launch an instant EUR-USD conversion service on the Kinexys blockchain, offering a fast and cost-efficient payment solution.

JPMorgan Announces Real-Time EUR-USD Conversion on Blockchain

According to Bloomberg, banking giant JPMorgan Chase announced its plan to launch an instant EUR-USD conversion service via the Kinexys blockchain (formerly Onyx).

Compared to traditional payment methods, which typically take one to two days, Kinexys allows users to convert EUR-USD instantly. This move is expected to attract a large number of customers to the Kinexys blockchain, especially fintech companies, who are always looking for fast and efficient payment solutions.

Kinexys Poised for Growth, Driven by JPM Coin and Forex Revenue

According to the global CEO of JPMorgan Payments, Umar Farooq, the number of transactions on the Kinexys blockchain has increased tenfold year-over-year. However, this blockchain has the potential to grow tenfold again. Currently, JP Morgan is focused on ensuring that the platform can operate stably at scale.

JP Morgan’s token on Kinexys, JPM Coin, will be key to supporting this payment service. Global Kinexys CEO Naveen Mallela said, “JPM Coin not only generates revenue from transaction fees and provides liquidity but also opens up new revenue streams from foreign exchange spreads”.

However, Umar Farooq said that balancing costs and revenue for this service could take another three to five years to finalize and become operational.

With JPMorgan CEO Jamie Dimon stating that JPMorgan is currently the leading blockchain implementer, the bank is making increasing strides in this area.