Siemens and B2C2 Adopt JPMorgan’s Blockchain FX Platform
Siemens AG and digital-asset market maker B2C2 have started using JPMorgan Chase’s blockchain platform for foreign exchange payments. The platform enables near-instant cross-border FX transactions in US dollars, British pounds, and euros. Traditional systems usually operate on weekdays and can take several days to process payments.
B2C2 Gains 24/7 Cash Movement and Risk Management
B2C2, owned by SBI Holdings Inc., benefits from the platform’s ability to move cash anytime. This helps the company react quickly to crypto market volatility. CEO Thomas Restout said the system improves risk management by allowing cash transfers 24/7. During recent market swings, traders faced margin calls over weekends when banks were closed. This limited their options to add funds or buy crypto.
The platform runs on JPMorgan’s Kinexys Digital Payments network. This distributed-ledger system improves global payments for large firms. Since its launch in 2019, Kinexys handles about $3 billion in daily transactions. This is a small part of JPMorgan’s $10 trillion daily payment volume but continues to grow.
Siemens Focuses on Speed and Real-Time FX
Siemens has used other Kinexys services and recently completed a near-instant dollar-to-euro FX transfer. The company was the first to use JPMorgan’s blockchain deposit accounts in 2019 for global fund transfers. Heiko Nix, Siemens’ global head of cash management and payments, said the platform simplifies real-time FX transactions. It removes time-zone barriers and allows cash to be mobilized exactly when and where needed.
Read the full Bloomberg report here.
