QNB, a Qatari Multinational Bank, has announced that it now uses JP Morgan’s blockchain platform Kinexys to handle U.S. dollar (USD) corporate payments.
According to a report by Bloomberg, QNB’s shift to JP Morgan’s platform will help improve efficiency in cross-border payments. QNB aims to expedite and reduce the cost of USD transactions by utilizing blockchain, a common issue in traditional banking.
From a trading point of view, this adoption could make people more confident in blockchain infrastructure, which would help crypto assets that power decentralized finance (DeFi) protocols. Kinexys was launched by JP Morgan in 2029. At present, the platform handles $3 billion worth of transactions daily.
Qatar has been at the forefront when it comes to using blockchain technology in the finance space prudently. Last year, the Qatar Financial Centre (QFC) rolled out a regulatory framework to make digital assets safe and secure for its citizens.
Rising popularity of digital assets in the Middle East
Over the past few years, the Middle East has had its share of the global surge in the adoption of digital assets, including cryptocurrencies. Last week, M2 Capital, the investment branch of M2 Holdings, a digital asset company based in the United Arab Emirates, put $20 million into Ethena’s governance token, ENA. This step is part of M2’s larger effort to speed up the use of synthetic dollars in the Middle East and make the connection between global crypto platforms and the region’s regulated financial markets stronger.
In August, Revolut, a British Multinational neobank, announced its plans to buy banks in the Middle East. This is a part of its plan to speed up its global growth and strengthen its position as one of the most valuable digital banking platforms in the world.
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