Qatar’s Biggest Bank Joins JPMorgan Blockchain Network for Faster Payments
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Qatar National Bank adopts JPMorgan’s blockchain platform to enable instant 24/7 US dollar corporate payments.
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The Kinexys system processes $3B daily, signaling growing institutional adoption of blockchain in global finance.
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The move could boost market sentiment for crypto assets like Bitcoin, Ethereum, and Chainlink.
According to Bloomberg, Qatar National Bank (QNB), the largest lender in the Middle East, has taken a major step into blockchain-powered finance. The bank has adopted JPMorgan’s Kinexys Digital Payments platform to process US dollar corporate payments in Qatar, cutting settlement times from days to just minutes.
The move marks one of the clearest signs yet that big banks are diving headfirst into blockchain.
Blockchain Cuts Out Banking Delays
For corporate treasurers, delays in cross-border payments are a constant headache. With Kinexys, QNB now promises instant settlement, available 24/7.
“Now we can have a 24/7 service window, we can guarantee payments as fast as in two minutes,” said Kamel Moris, executive vice president of transactional banking at QNB. “It’s a treasurer’s dream.”
That speed is a sharp contrast to the traditional banking rails, where US dollar payments often take several business days to clear.
JPMorgan Expands Its Blockchain Bet
JPMorgan launched Kinexys in 2019, and the network already handles $3 billion in transactions every day. While that’s small compared to the bank’s $10 trillion daily payments business, the growth potential is clear.
The US banking giant is leaning on its global correspondent network to bring more financial institutions onboard. “This is institutional-grade scale,” said Naveen Mallela, global co-head of Kinexys.
Why This Matters for Crypto
For crypto markets, there’s a bigger signal here.
Each time a major financial institution adopts blockchain, it strengthens confidence in the technology that underpins assets like Bitcoin (BTC) and Ethereum (ETH).
Ethereum, in particular, often benefits from such news. Past announcements of bank blockchain integrations have triggered short-term spikes of 10-15% in ETH trading volumes, showing how closely markets watch institutional adoption.
Bitcoin usually sees a sentiment boost too, while tokens like Chainlink (LINK) could gain from the broader trend toward tokenized finance.
QNB’s adoption of JPMorgan’s blockchain is more than a regional banking upgrade – it’s another step in the global shift toward blockchain-powered finance.
For crypto traders, the signal is bullish as ever!