Mastercard and JPMorgan Chase Partner to Bring Foreign Exchange to Blockchain

Odaily News Payment giant Mastercard (MA) has connected its blockchain-based tokenized asset transfer system Multi-Token Network (MTN) with JPMorgan Chase (JPM)'s recently renamed digital asset business Kinexys (formerly Onyx). The partnership aims to strengthen B2B cross-border payments, "providing greater transparency and faster settlement speeds, and reducing time zone friction". Tokenized foreign exchange is an attractive subset of the blockchain-based real-world asset trend, which is now firmly accepted by traditional finance because it provides a near real-time, always-on way to avoid cross-border gaps and pain points. The two companies said in a joint statement that by integrating Mastercard MTN's connection with Kinexys digital payments, MTN and Kinexys' mutual customers will be able to settle B2B transactions through a single API. (Coindesk)