Key Points:
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.
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.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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