JPMorgan teams up with Mitsubishi to accelerate the expansion of digital assets, targeting $10 billion in daily trading volume

Gate News update: JPMorgan Chase plans to accelerate the development of its blockchain platform Kinexys through a new agreement with Mitsubishi, aiming to push daily transaction volume beyond $10 billion. Since its launch in 2020, Kinexys has processed more than $30 trillion in transactions, serving global clients including central banks, commercial banks, and multinational corporations; its current daily transaction volume is about $5 billion.

Kinexys was originally named Onyx, and its core payment tool is the JPMD deposit token. The token enables rapid transfers of funds on-chain and off-chain without requiring support from intermediaries. It offers an instant settlement function similar to stablecoins, but it is not backed by assets such as government bonds; instead, it represents funds in bank accounts. Kinexys provides efficient solutions for cross-border payments and complex fund flows, attracting attention from institutions worldwide.

Mitsubishi became the first Japanese company to adopt Kinexys. Mitsubishi’s finance officer, Kazuya Kawakami, said that the efficient allocation of group funds is essential to its global business operations. JPMorgan Chase’s global business development head, Zack Chestnut, pointed out that the company’s goal is to achieve a significant increase in daily transaction volume in the foreseeable future while continually expanding its customer base, which includes central banks, commercial banks, and multinational corporations, with core payment tools such as JPMD deposit tokens and instant settlement functions similar to stablecoins.

Traditional Wall Street financial institutions’ interest in cryptocurrencies and blockchain technology continues to grow. Payments company Stripe has launched blockchain services, and Mastercard has formed partnerships with more than 100 crypto and fintech companies to advance the tokenization of assets and the use of digital ledger technology. While JPMorgan Chase declined to comment on specific government policies, Chestnut is optimistic about customer expansion and growth in transaction volume over the next 12 months.

As digital assets and blockchain technology steadily enter the mainstream financial ecosystem, the collaboration between JPMorgan Chase and Mitsubishi is seen as an important signal of traditional banks accelerating their layout for the digital economy—showing that large financial institutions continue to step up their investments in crypto payments and global cross-border fund flows, which may bring new growth momentum to the market.