Axis Bank, one of India's top five banks, will adopt JPMorgan Chase's blockchain payments

According to Ledger Insights, Axis Bank, one of India's top five banks, will use JPMorgan's Kinexys Digital Payments (formerly JPM Coin) for cross-border payments. Swift payments are inevitably limited by differences in bank operating hours, while JPMorgan's blockchain based bank account enables 24/7 instant payments. JPMorgan Chase has been piloting Kinexys in GIFT City since 2023, first conducting sandbox trials with five banks including Axis. The city aims to compete with other international financial centers such as Singapore and Dubai. Earlier this month, it launched a consultation on tokenization. Meanwhile, other banks using Kinexys include Bahrain Bank ABC and Abu Dhabi First Bank. Kinexys blockchain supports various other applications, including tokenized collateral. The total transaction volume of Kinexys has now exceeded $1.5 trillion, averaging $2 billion per day.