PANews reported on March 30 that according to ledgerinsights, Axis Bank, one of the top five banks in India, will use JPMorgan Chase's Kinexys Digital Payments (formerly JPM Coin) for cross-border payments. Swift payments are inevitably limited by differences in bank business hours, while JPMorgan Chase's blockchain-based bank account enables 24/7 instant payments.
JPMorgan has been piloting Kinexys at GIFT City since 2023, first in a sandbox trial with five banks including Axis. The city aims to compete with other international financial centers such as Singapore and Dubai. Earlier this month, it launched a consultation on tokenization. Meanwhile, other banks using Kinexys include Bahrain Bank ABC and First Abu Dhabi Bank. The Kinexys blockchain supports a variety of other applications, including tokenized collateral. Total transaction volume on Kinexys has now exceeded $1.5 trillion, an average of $2 billion per day.
