Kinexys Expands Global Blockchain Deposit Account Network
Kinexys by J.P. Morgan has expanded its global Blockchain Deposit Account (BDA) network, now offering Australian Dollar (AUD), Hong Kong Dollar (HKD), Japanese Yen (JPY), Chinese Renminbi (RMB), and Singapore Dollar (SGD)-denominated accounts. This move allows financial institutions and multinational corporations to facilitate cross-border payments and onchain FX transactions in these new currencies, extending settlement times and improving liquidity efficiency.
Enhanced Cross-Border Payments and Liquidity Management
- Payoneer, a global financial technology company, is one of the first to utilize the AUD-denominated BDA, enabling 24/7 cross-border payments for its clients.
- JERA Global Markets, a utility-backed energy trader, is the pioneer in leveraging JPY-denominated BDAs for intragroup treasury flows and liquidity optimization.
Derek Green, Global Head of Treasury & Payment Services at Payoneer, emphasized the benefits:
“Removing friction in money movement is essential for global business. ... Leveraging Kinexys’ Blockchain Deposit Accounts helps streamline internal treasury funding flows and improve the speed and efficiency of moving liquidity across markets.”
Siang-Chee Chew, Senior Vice President of Finance & Treasury at JERA Global Markets, shared their experience:
“As a global energy trader ... efficient and resilient treasury infrastructure is critical. The ability to move JPY on an always-on basis is an important step in modernizing treasury flows across our businesses.”
Processed Volume and Modernization
Since its inception, Kinexys by J.P. Morgan has processed over $4 trillion in transaction volume, with an average of $7 billion in daily transactions.
Zack Chestnut, Global Head of Commercial at Kinexys, concluded:
“We’re proud to be at the forefront of helping global businesses unlock the strategic benefits of 24/7 on-chain settlement and FX, along with programmable payments. ... Adding five new Asia-Pacific currencies underscores our commitment to modernizing treasury for today’s dynamic global market.”