Mitsubishi Corporation plans to use a blockchain-based payment system developed by JPMorgan Chase to move funds across its global operations, signaling continued adoption of blockchain infrastructure within traditional finance.
The system is part of JPMorgan’s blockchain network, known as Kinexys, which enables near-instant fund transfers, reduces reliance on traditional banking and operates around the clock, according to a report by Nikkei.
JPMorgan is seeking to scale the platform to $10 billion in daily transactions from the current average of $7 billion. Kinexys has processed more than $3 trillion in cumulative volume since launching in 2020, highlighting growing institutional demand for blockchain-based settlement systems.
The adoption is notable given Mitsubishi’s scale as one of Japan’s largest trading and industrial companies, with extensive global operations spanning energy, manufacturing and logistics. Last year, the company produced more than 883,000 vehicles.
Kinexys has also attracted other major clients, including Qatar National Bank (QNB) Group, one of the region’s largest lenders, which announced in September that it would use the platform to process corporate payments. At the time, QNB executive Kamel Moris said Kinexys can “guarantee payments as fast as two minutes.”
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Kinexys expands focus to tokenization
Despite CEO Jamie Dimon’s long-standing skepticism toward cryptocurrencies, JPMorgan has steadily expanded its blockchain infrastructure — a push underscored by Mitsubishi’s adoption of its Kinexys network.
Kinexys itself extends beyond payments. JPMorgan is developing a tokenization platform, Kinexys Fund Flow, aimed at asset classes such as private credit and real estate, with rollout expected this year.
Kinexys targets the $6 billion tokenized credit market. Source: RWA.xyz
The bank is not alone. BlackRock has launched tokenized funds, while Franklin Templeton operates a blockchain-based money market fund. Meanwhile, German industrial giant Siemens has issued digital bonds on blockchain rails, signaling growing institutional interest in tokenization.
Industry players are increasingly positioning for tokenization in the United States, as improving regulatory clarity and infrastructure development are reshaping market structure. As Cointelegraph recently reported, both Nasdaq and the New York Stock Exchange have moved to incorporate tokenization into alternative trading systems, signaling a shift toward blockchain-based settlement rails.
Related: Crypto Biz: Stablecoin jitters meet institutional momentum
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