Mitsubishi Corp will adopt JPMorgan Chase's blockchain-based payments network Kinexys and use it to move funds for its global operations, Cointelegraph reported on March 30, citing Nikkei.
Cointelegraph said the decision shows a trend in traditional finance of adopting blockchain infrastructure for corporate payments.
Kinexys is a blockchain payments rail for business-to-business payments and fund transfers. It supports near real-time remittances and operates 24 hours a day.
Mitsubishi, which runs global operations across sectors including energy, manufacturing and logistics, appears to be seeking faster and more flexible cross-border and cross-entity fund transfers through Kinexys, Cointelegraph said.
JPMorgan is also speeding up efforts to expand the volume of Kinexys transactions. Since its launch in 2020, Kinexys has processed more than $3 trillion cumulatively, and its current average daily transaction volume is about $7 billion. JPMorgan aims to lift that to $10 billion a day.
Chi-gyu Hwang
delight@d-today.co.kr