South Korea’s Biggest Bank Taps JPMorgan Blockchain for Trade Payments

KB Kookmin Bank volition motorboat a blockchain outgo work for import and export companies successful August. 

The slope volition initially process US dollar payments for those clients implicit JPMorgan's Kinexys network. It announced the program connected July 26.

South Korean Bank Moves Dollar Trade Payments Onto JPMorgan Blockchain

Kinexys is JPMorgan's blockchain unit, formerly known arsenic Onyx. It runs organization payments, tokenization, and integer plus settlement.

The level has processed much than $4 trillion since its launch. Average regular transactions transcend $7 billion.

The work volition initially enactment dollar remittances to 10 countries, including South Korea, according to section media reports. The database covers the US, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa. Korean branches and KB Kookmin's Singapore bureau volition connection the service. 

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This comes conscionable days aft KB Kookmin was selected for a government-backed deposit token outgo project. The Ministry of Science and ICT and the Korea Internet & Security Agency tally the program.

Whether different Korean lenders follow Kinexys volition trial however acold tokenized deposits scope beyond JPMorgan's clients.

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Read the Original communicative South Korea's Biggest Bank Taps JPMorgan Blockchain for Trade Payments by Kamina Bashir astatine beincrypto.com