CMC Markets has begun using blockchain technology to transfer cash and settle payments instantly through a collaboration with Kinexys Digital Payments, part of J.P.Morgan’s blockchain business unit. The system is live following successful testing and allows near real-time settlement through a network of Blockchain Deposit Accounts.
The move follows J.P.Morgan’s launch of JPMCoin last year, a blockchain-based deposit token for institutional clients. The token enables transactions to settle in seconds, 24/7, rather than during traditional banking hours, and is issued on the public blockchain Base via Kinexys infrastructure.
Lord Peter Cruddas, Founder and CEO of CMC Markets, said the company is seeing “enhanced capital efficiency and operational flexibility” from the collaboration.
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The solution allows institutions to move funds across currencies and regions instantly, reducing settlement risk, operational friction, and costs while maintaining security levels similar to traditional payment rails. The initiative supports CMC’s strategy to enhance its global technology infrastructure and improve capital efficiency across international operations.
Zack Chestnut, Global Head of Business Development for Kinexys Digital Payments, said the team is working with clients to “unlock the power of 24/7/365 on chain settlement and programmable payments.”
JPMorgan Bridges Private Network with Public Blockchain
The CMC Markets rollout follows broader Kinexys activity at JPMorgan. In May last year, the bank completed its first blockchain transaction connecting private and public networks. The deal involved tokenized U.S. Treasuries, with funds moved on Kinexys to settle treasuries listed on a public blockchain run by Ondo Finance.
Chainlink was used to link the private and public systems. Previously, JPMorgan’s blockchain work was limited to internal networks, with earlier trials, such as a 2024 pilot with Siemens, remaining experimental. Tokenized treasuries are blockchain-based versions of money market funds providing exposure to government debt.