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JP Morgan and Mastercard Team Up to Bring Foreign Exchange on Blockchain
Mastercard’s MTN (Multi Token Network) is collaborating with JP Morgan’s Kinexys aka Onyx for the B2B transfer of tokenized assets across borders.
In the press release published on Thursday, November 21st, it was shared that the companies are joining hands in order to bring improvements in the B2B cross-border payments by “providing greater transparency and faster settlement as well as reducing time zone friction.”
In 2023, Mastercard launched MTN with plans to check out tokenized bank deposits, the application of stablecoins, and CBDC (Central Bank Digital Currencies). Now it is working alongside JP Morgan’s JPM coin recently rebranded as Kinexys Digital Payments.
Customers of both services will be able to make B2B transactions with a single API.
The utive vice president of Blockchain and Digital Assets at Mastercard stated that “the power and connectivity of Mastercard’s MTN with Kinexys Digital Payments” will allow “greater speed and settlement capabilities for the entire value chain.”
The tokenized foreign exchange which is based on blockchain’s way of currency exchanges has become an attraction as traditional finance looks to adopt blockchain technology for real-world assets. This is because FX provides instant, close to real-time, transfer across borders as compared to the traditional methods.
When JP Morgan rebranded its Coin, it also promised to bring in tokenized US dollar and euro FX at the beginning of 2025. It also plans on moving to other currencies as well. The bank is also a participant in Project Guardian, which is a project of the Monetary Authority of Singapore.
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In a press release on Thursday, November 21, the companies announced their collaboration to improve B2B cross-border payments by "providing greater transparency and faster settlement, as well as reducing time zone friction".
Mastercard launched MTN in 2023 and plans to examine the use of tokenized bank deposits, stablecoins, and Central Bank Digital Money (CBDC). It is currently working with JP, which has recently been renamed Kinexys Digital Payments.