JPMorgan Expands Digital Assets Push
JPMorgan expands digital assets push with a new deal, aiming to double daily transaction values on its blockchain platform to $10 billion. The company's digital asset service, Kinexys, has processed over $3 trillion worth of transactions since its 2020 launch.
Introduction to Kinexys
Kinexys serves hundreds of clients across five continents, including central and commercial banks, with $5 billion in transactions per day. The expansion of Kinexys highlights Wall Street's growing adoption of crypto and blockchain technology.
Blockchain Technology and Digital Assets
Benefits of Blockchain
The use of blockchain technology enables near-instantaneous payments and settlements at a fraction of the price. JPMorgan's deposit tokens, like stablecoins, represent funds held in a bank account and can be moved between bank accounts without intermediaries.
- $3 trillion worth of transactions processed by Kinexys since 2020
- $5 billion in daily transactions
- Hundreds of clients across five continents
Partnership with Mitsubishi
Mitsubishi is the first Japanese corporation to adopt Kinexys. The company's treasurer, Kazuyoshi Kawakami, stated that the adoption is essential for efficient allocation of funds across their operations.
Key Takeaways
- JPMorgan aims to double daily transaction values on its blockchain platform to $10 billion
- Kinexys has processed over $3 trillion worth of transactions since 2020
- The expansion of Kinexys highlights Wall Street's growing adoption of crypto and blockchain technology
- Mitsubishi is the first Japanese corporation to adopt Kinexys
Frequently Asked Questions
What is Kinexys?
Kinexys is JPMorgan's digital asset service, which enables near-instantaneous payments and settlements at a fraction of the price.
What is the goal of JPMorgan's blockchain platform?
The goal is to meaningfully grow daily transaction values to above $10 billion per day in the foreseeable future.
