Siemens and B2C2 Adopt JPMorgan’s Blockchain-Based FX Platform

Industrial giant Siemens AG and digital assets market maker B2C2 have started using JPMorgan Chase & Co.’s blockchain-based platform for foreign exchange payments, as deployment of the technology by large firms gathers pace.

The service enables the firms to make cross-border FX transactions 24/7 in US dollars, British pounds and euros, with near-instant settlement, the companies said in a statement on Wednesday. By comparison, corporate FX transfers using traditional rails are largely available on weekdays and can take several days to complete.