Mitsubishi Corporation plans to use a blockchain-based payment system developed by JPMorgan Chase to move money across its global operations, signaling the continued adoption of blockchain infrastructure within traditional finance.
The system is part of JPMorgan’s blockchain network known as Kinexys, which enables near-instant money transfers, reduces reliance on traditional banking and operates 24 hours a day, according to a report from Nikkei.
JPMorgan wants to scale the platform to $10 billion in daily transactions, from the current average of $7 billion. Kinexys has processed cumulative volume of more than $3 trillion since its launch in 2020, highlighting the growing institutional demand for blockchain-based settlement systems.
The adoption is notable given Mitsubishi’s size as one of Japan’s largest trading and industrial companies, with extensive global energy, manufacturing and logistics operations. Last year the company produced more than 883,000 vehicles.
Kinexys has also attracted other major customers, including Qatar National Bank (QNB) Group, one of the region’s largest lenders, which announced in September it would use the platform to process business payments. QNB director Kamel Moris said at the time that Kinexys “can guarantee payments within two minutes.”
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Kinexys expands focus to tokenization
Despite CEO Jamie Dimon’s long-standing skepticism toward cryptocurrencies, JPMorgan has steadily expanded its blockchain infrastructure — a push underscored by Mitsubishi’s adoption of its Kinexys network.
Kinexys itself goes further than just payments. JPMorgan is developing a tokenization platform, Kinexys Fund Flow, aimed at asset classes such as private credit and real estate, with rollout expected this year.
The bank is not alone. BlackRock has launched tokenized funds, while Franklin Templeton operates a blockchain-based money market fund. Meanwhile, German industrial giant Siemens has issued digital bonds on blockchain rails, signaling growing institutional interest in tokenization.
Industry players are increasingly positioning themselves for tokenization in the United States as improving regulatory clarity and infrastructure development reshape the market structure. As Cointelegraph recently reported, both Nasdaq and the New York Stock Exchange have moved to incorporate tokenization into alternative trading systems, signaling a shift toward blockchain-based settlement rails.
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Credit : cryptonews.net
