Axis Bank, one of the five major banks in India, will adopt JPMorgan's Blockchain payment.

PANews reported on March 30 that Axis Bank, one of India’s five largest banks, will use JPMorgan Chase’s Kinexys Digital Payments (formerly JPM Coin) for cross-border payments, according to ledgerinsights. Swift payments are inevitably limited by differences in bank hours, while JPMorgan Chase’s blockchain-based bank account enables 24/7 instant payments. JPMorgan has been trialing Kinexys in GIFT City since 2023, initially conducting sandbox experiments with five banks, including Axis. The city aims to compete with other international financial centers like Singapore and Dubai. Earlier this month, it launched tokenized consulting. Meanwhile, other banks using Kinexys include Bahrain’s ABC Bank and First Abu Dhabi Bank. The 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.