Siemens and B2C2 adopt JPMorgan’s blockchain FX platform, Bloomberg reports

Siemens (SIEGY) and digital assets market maker B2C2 have started using JPMorgan’s (JPM) blockchain-based platform for foreign exchange payments, according to a Bloomberg report by Anna Irrera. The service, Kinexys Digital Payments, enables cross-border foreign exchange transactions 24/7 in USD, GBp and EUR with near-instant settlement. Thomas Restout, CEO of B2C2, said in an interview, “a key advantage of the platform is that it allows the firm to move cash at any time and respond to price swings in the always-open crypto markets,” further adding that being “tied to traditional banking rails adds complexity during bouts of volatility in crypto.” Given the ability to seamlessly move cash, Restout said, “For risk management, it’s a key piece.” The Kinexys network reportedly processes about $3B in transactions daily.