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KB Kookmin Bank to launch Kinexys blockchain trade payments in August
The service will start with US dollar payments and support remittances to 10 countries, with Kinexys having processed more than $4 trillion since launch.
South Korea’s KB Kookmin Bank plans to launch a blockchain payment service for import and export companies in August, using JPMorgan’s Kinexys network, according to Yahoo Finance.
The bank will initially process US dollar payments for clients via Kinexys, JPMorgan’s blockchain unit formerly known as Onyx, which supports institutional payments, tokenization, and digital asset settlement.
Yahoo Finance reports Kinexys has processed more than $4 trillion since its launch, with average daily transactions exceeding $7 billion.
The service’s first phase will support dollar remittances to 10 countries, including the US, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa, with Korean branches and KB Kookmin’s Singapore office providing the offering. The launch follows days after the bank was selected for a government-backed deposit token payment project run by South Korea’s Ministry of Science and ICT and the Korea Internet and Security Agency.