LSEG's post-trade business Swap Agent and commodities house Trafigura are to be the first in the UK to open GBP-denominated deposit accounts via JPMorgan's blockchain business unit Kinexys.
With the new accounts, SwapAgent and Trafigura will be able to conduct real-time cross-border and programmable transactions, including 24/7 foreign exchange (FX).
The UK launch follows the successful introduction by Kinexys Digital Payments of FX capabilities and EUR-denominated blockchain accounts in Frankfurt.
SwapAgent intends to use the accounts for its digital post trade services pilot project, and is considering opening additional blockchain accounts for its broader offerings, allowing it to operate beyond traditional branch cut-off times and manage liquidity 24/7 in a programmable manner.
Trafigura, meanwhile, will use the technology to move funds in real-time between New York, London and Singapore.
Chris McLaughlin, global head of group treasury at Trafigura, comments: “By implementing programmable payments and adopting Blockchain Deposit Accounts for real-time cross-border transfers, we believe we are poised to benefit from a transformative financial solution that will streamline our operations and enhance our competitive edge in the global commodities trading landscape.”
Since inception, over $1.5 trillion in transaction volume has been processed on JPMorgan's Kinexys platform, with average daily transaction volumes of over $2 billion.