Qatar National Bank will adopt JPMorgan’s blockchain platform to enable payments for businesses 24/7, 24/7.
The Kinexys system processes $300 million every day, indicating an increase in institutional adoption of blockchain in global finance.
The move could raise market sentiment for crypto assets such as Bitcoin, Ethereum and Chainlink.
According to Bloomberg, the largest lender in the Middle East, Qatar National Bank (QNB), has taken a major step towards blockchain-driven finance. The bank has adopted JPMorgan’s Kinexys Digital Payments platform to process corporate payments in the US dollar in Qatar, reducing payment times from days to just minutes.
The move marks one of the clearest signs that major banks are the first to jump into blockchain.
Blockchain reduces bank delays
For corporate finance professionals, delays in cross-border payments are always a headache. With Kinexys, QNB has promised immediate payments available 24/7.
“Now you can create a 24/7 service window. You can guarantee payments as quickly as two minutes.” said Kamel Moris, QNB’s Vice President of Transaction Banking. “That’s a dream of accounting.”
That speed is in contrast to traditional bank rails, with US dollar payments being cleared, often taking several days.
JPMorgan expands blockchain bets
JPMorgan launched Kinexys in 2019, and the network is already processing $3 billion in transactions every day. It’s small compared to the bank’s daily $10 trillion payments business, but its growth potential is clear.
The US banking giants are leaning towards a global network of correspondents to bring in more financial institutions. “This is a system-grade scale.” said Naveen Mallea, global co-head of Kinexys.
Why this is important for cryptography
In the case of the crypto market, there is a bigger signal here.
Each time a major financial institution adopts blockchain, it strengthens trust in assets-backed technologies such as Bitcoin (BTC) and Ethereum (ETH).
In particular, Ethereum often benefits from such news. Past announcements of banks’ blockchain integration have led to a short-term spike of 10-15% of ETH trading volume, indicating that the market is closely watching institutional adoption.
Bitcoin usually also sees emotional boosts, but tokens like ChainLink (Link) may come from a wider trend towards tokenized finance.
QNB’s adoption of JPMorgan’s blockchain is more than an upgrade to local banks. This is another step in the global shift towards blockchain-driven finance.
For crypto traders, signals are still bullish!
