In a landmark development for institutional blockchain adoption, JPMorgan’s blockchain division Kinexys has opened its first UK-based GBP-denominated deposit accounts for LSEG’s SwapAgent and global commodities giant Trafigura. The move marks a significant expansion of blockchain-based banking services beyond the platform’s existing euro accounts in Frankfurt.
The new accounts enable real-time, programmable cross-border transactions—including 24/7 foreign exchange operations—free from traditional banking hours constraints. SwapAgent will leverage the technology for its digital post-trade services pilot, exploring round-the-clock liquidity management capabilities that could redefine settlement workflows. Trafigura plans to use the system for instantaneous fund transfers between its New York, London, and Singapore operations.
“This represents a transformative solution for global commodities trading,” said Trafigura’s Global Head of Group Treasury Chris McLaughlin. The implementation follows Kinexys’ proven track record in blockchain-based payments, having processed over 1.5 trillion in transactions since launch, with current daily volumes exceeding2 billion.
The UK rollout signals growing institutional confidence in blockchain infrastructure for core banking functions. SwapAgent is already considering additional blockchain accounts to modernize post-trade services, while JPMorgan continues expanding its blockchain offerings to meet demand for programmable money solutions in wholesale finance.