Latest news with #BrevanHowardDigital
Yahoo
3 days ago
- Business
- Yahoo
Marex Becomes 'First' Clearing Firm to Use JPMorgan's Kinexys Blockchain for Settlements
Financial services firm Marex has become the 'first clearing firm' to use banking giant JPMorgan's Kinexys blockchain platform for client settlements, working with hedge fund Brevan Howard Digital to process payments around the clock. The partnership enables London-based Marex to utilize Kinexys Digital Payments' blockchain deposit accounts, facilitating more streamlined processes with clients, according to a statement issued on Wednesday. Kinexys allows Marex and Brevan Howard Digital to "settle payments instantly, reducing settlement risk, time and cost, while maintaining the same security levels as traditional payment settlement rails, the statement noted. Peter Chung, head of research at Presto Labs, told Decrypt the integration is 'another example of TradFi firms experimenting with blockchain infrastructure to improve outdated settlement systems.' 'Most likely it won't generate material benefits for anyone immediately,' Chung said, 'but getting a foot in the door early and building expertise in the technology will be what separates winners from losers over the medium to long run.' "Any financial firms that don't want to end up like Blockbuster will have to start getting their feet wet,' he added. JPMorgan Exploring Loans Backed by Bitcoin, Ethereum: FT Launched as JPM Coin in 2019 and later rebranded to Onyx, the platform was renamed Kinexys in 2024 as part of JPMorgan's broader push into programmable blockchain-based financial infrastructure. The platform enables counterparties to facilitate instant, programmable settlements in near real-time using blockchain deposit accounts. Unlike public blockchains, Kinexys operates on a permissioned ledger, allowing only approved participants to validate transactions and access network data. 'The Kinexys platform enables 24/7 settlement within a closed-loop ecosystem where all participants, including firms like Brevan Howard, its clients, and liquidity providers, must hold accounts on the platform,' Nitin Gaur, former IBM Blockchain Labs founder/ex-State Street head of digital assets/entrepreneur, told Decrypt. 'While the closed nature of the system limits interoperability with external platforms, Kinexys still represents an important step toward programmable, conditional payments and helps address long-standing challenges in liquidity and operational efficiency,' he added. JP Morgan, Coinbase to Enable 'Direct Bank-to-Wallet Connection' for Chase Customers The latest move builds on JPMorgan's broader digital asset strategy, which has accelerated in recent months. In May, it completed its first public blockchain transaction using tokenized U.S. Treasuries and Chainlink's interoperability protocol. Last week, JP Morgan announced that Chase cardholders can buy crypto on Coinbase starting this fall, with plans to let customers redeem reward points for USDC in 2026. Meanwhile, CEO Jamie Dimon has warmed to some digital assets, saying stablecoins can do things traditional cash cannot, though he remains skeptical of Bitcoin.
Finextra
4 days ago
- Business
- Finextra
Marex becomes first clearing firm to use JPMorgan's Kinexys for digital payments
Marex Group plc, the diversified global financial services platform, announces a collaboration with Brevan Howard Digital to utilize Kinexys by J.P. Morgan's Kinexys Digital Payments in order to reduce settlement risk and facilitate more efficient payments. 0 Marex is the first clearing firm to use Kinexys Digital Payments' blockchain deposit accounts to facilitate more streamlined processes with clients. Since joining Kinexys Digital Payments in 2024, Brevan Howard Digital has been actively working with industry participants to help create an ecosystem to utilize the always-on, programmable blockchain infrastructure. This collaboration with Brevan Howard Digital affirms Marex's position as a market leader in innovation, implementing new technologies to better serve its clients and bring new efficiencies to financial markets. Kinexys Digital Payments, part of J.P. Morgan's industry-leading blockchain business unit, enables counterparties to facilitate instant, programmable 24/7 settlements in near real-time using its network of blockchain deposit accounts. Using this technology, Marex and Brevan Howard Digital can settle payments instantly, reducing settlement risk, time and cost, whilst maintaining the same level of security provided by traditional payment settlement rails. Terry Hollingsworth, Global Head of Futures & OTC Clearing Sales at Marex, commented, 'Kinexys by J.P. Morgan is the next generation of financial market infrastructure. By enabling programmable payment and settlement, the platform leverages automation to unlock asset utility and reduce risk. As a firm with innovation and client service at our core, we are proud to collaborate with Brevan Howard Digital on this forward-looking initiative, bringing greater operational efficiency to our clients as well as the wider market.' Adam Gibbons, COO at Brevan Howard Digital, commented, 'This is yet another tangible example of how blockchain technology can drive efficiency gains and strengthen risk management controls. At Brevan Howard Digital, we remain at the forefront of adopting innovative digital solutions to help deliver the best possible outcomes for our clients. Our collaboration with the teams at both of these organisations is a clear demonstration of that commitment.' Akshika Gupta, Global Head of Client Solutions at Kinexys by J.P. Morgan, said, 'Marex and Brevan Howard Digital utilizing the growing Kinexys Digital Payments network to make seamless, 24/7 settlements represents a significant milestone in the advancement of financial market infrastructure. We have been a pioneer in digital payments on blockchain, and this work highlights our dedication to continuing to drive progress and deliver cutting-edge infrastructure for our clients and the industry at large.'
Yahoo
5 days ago
- Business
- Yahoo
Marex Becomes First Clearing Firm to Adopt JPMorgan's Kinexys With Brevan Howard Digital
Marex (MRX), a global financial services platform, has become the first clearing firm to integrate Kinexys Digital Payments, a blockchain-based settlement system developed by JPMorgan (JPM), through a collaboration with Brevan Howard Digital, the company said in a press release on Wednesday. The initiative is aimed at modernizing payment infrastructure and reducing settlement risk by leveraging programmable, always-on digital ledger technology, the company said. Kinexys is part of JPMorgan's broader push into digital assets and allows for near-instant settlement through blockchain deposit accounts, marking a significant shift from legacy rails to 24/7 digital clearing mechanisms. Brevan Howard Digital, which joined the Kinexys network in 2024, has been collaborating with partners to develop a broader ecosystem for blockchain-based financial services. Marex's adoption of the platform underscores its commitment to streamlining operations and enhancing client service via next-gen infrastructure. 'Kinexys by JPMorgan is the next generation of financial market infrastructure,' said Terry Hollingsworth, Marex's global head of futures and over-the-counter (OTC) clearing sales, in the release. Akshika Gupta, global head of client solutions at Kinexys, said "24/7 settlements represents a significant milestone in the advancement of financial market infrastructure,' reaffirming the firm's role in pushing forward institutional-grade blockchain in to access your portfolio
Yahoo
17-02-2025
- Business
- Yahoo
Brevan Howard Digital Deploys $20M on Ethereum-Based Kinto in Institutional DeFi Push
The Abu Dhabi-based branch of Brevan Howard Digital, the crypto arm of the global investment management firm, has deployed $20 million on Kinto, a blockchain platform designed for institutional participation in decentralized finance (DeFi). The deposit makes Brevan Howard Digital one of the first traditional financial firms to tap into Kinto's on-chain mining program, the protocol said. Kinto operates as an Ethereum layer-2 network with built-in compliance mechanisms, including Know-Your-Customer (KYC) and Anti-Money Laundering (AML) protocols, facilitating financial institutions that face strict regulatory requirements to participate in decentralized finance. It also offers a smart contract wallet with default insurance and security enhancements. Read more: Blockchain Startup Kinto Plans 'First KYC'd' Ethereum Layer-2 Network After Raising $5M The platform's mining program, set to run for a decade, incentivizes participants by distributing token rewards for depositing assets on-chain on Kinto. Mining programs have been a staple in the DeFi sector but have largely been out of reach for traditional financial institutions due to compliance hurdles. Brevan Howard Digital's participation signals growing interest from legacy financial firms in blockchain-based finance, particularly as platforms like Kinto adapt to meet institutional needs, Ramon Recuero, according to Kinto's co-founder and CEO. 'Institutions have been waiting for two things: regulatory clarity and compliance features. Now, through Kinto, financial institutions don't need to wait any longer,' he said in a statement. Sign in to access your portfolio
