JPMorgan’s Blockchain Payments Network Adds Support for Pound

JPMorgan Chase & Co. expanded its blockchain-based payments service for corporate clients, adding pound-denominated accounts that will use its Kinexys Digital Payments network for commercial bank transactions.

JPMorgan’s London branch launched blockchain-based deposit accounts supporting the UK currency on the platform on Monday, according to Naveen Mallela, global co-head of the unit that runs the service.

The bank is aiming to fill a gap left by the roughly $235 billion stablecoin market, where almost all the tokens in circulation are tied to the dollar. That’s left a void for corporate clients seeking access to low-cost transfers and access to ...