JPMorgan’s blockchain platform will be used by financial holding company Marex in partnership with Brevan Howard Digital to enable instant settlements with digital deposits.
Marex Group plc, an international clearing organization and global financial services platform, announced support for settlements in collaboration with Brevan Howard Digital, the digital asset division of the European hedge fund management company, via Kinexys, JPMorgan’s blockchain platform. The initiative will allow for around-the-clock transactions, eliminating the delays typical of traditional settlement systems.
As part of the initiative, Marex began using digital deposit tokens from the Kinexys Digital Payments system, based on JPMorgan’s Kinexys blockchain platform. This enables real-time, programmable settlements, including during weekends and off-hours. Marex became the first clearing firm to integrate JPMorgan’s blockchain solution into its operations.
According to Terry Hollingsworth, Global Head of Futures & OTC Clearing Sales at Marex, the new settlement model allows for automated cascade payments and reduces credit and operational risks. Adam Gibbons, COO at Brevan Howard Digital, noted that using Kinexys enables real-time position settlement with minimal dependency on bank liquidity windows.
The Kinexys platform processes over $1 billion in corporate settlement transactions monthly. At this stage, Marex and Brevan Howard Digital will use the solution for settling digital assets and derivatives. In the future, the platform will also support fiat currencies and other liquid assets in T+0 mode.
JPMorgan’s Kinexys was previously tested for cross-chain settlements with tokenized assets and for enhancing cross-border B2B payments.
