JP Morgan Launches Blockchain-Based Kinexys Digital Payments

By Shikha Singh

JP Morgan Launches Blockchain-Based Kinexys Digital Payments.

JPMorgan has expanded its blockchain-based bank account service, Kinexys Digital Payments, formerly known as JPM Coin, by adding support for British pounds (GBP).

This makes Kinexys capable of handling 24/7 corporate payments and foreign exchange transactions in three major currencies: USD, EUR, and now GBP.

The move enhances JPMorgan’s ability to provide continuous and programmable financial services to corporate clients.

The first users of the new GBP functionality in London are SwapAgent, part of the London Stock Exchange Group’s LCH, and Trafigura, a global commodities trader.

Kinexys has already processed over $1.5 trillion in cumulative transactions across services like payments, intraday repo, and collateral management. It now handles around $2 billion in daily transaction volume.

dApp Fees Surpass Blockchain Fees.

In Q1 2025, decentralized application (dApp) fees surpassed traditional blockchain network fees, hitting $1.8 billion vs. $1.4 billion, signaling a major shift in crypto revenue dynamics.

This growth was largely driven by DeFi platforms like Uniswap and Aave, with Uniswap alone generating over $600 million in fees.

The increase reflects rising demand for dApps, especially in trading, lending, and borrowing.

This trend has impacted market activity—Ethereum (ETH) surged 5.2% to $4,100 on March 30, 2025, with trading volumes spiking by 30% across major exchanges.

Tokens tied to DeFi, such as LINK and MKR, also saw price gains. AI is also playing a growing role in DeFi, with platforms like The Graph (GRT) integrating AI features, leading to a 7% price bump in GRT. AI-driven token trading rose by 20% in Q1, indicating increasing synergy between AI and crypto.

Bybit CEO Ben Zhou Denies Allegations of Misconduct.

Bybit CEO Ben Zhou publicly addressed and dismissed recent allegations on X , denying claims that Bybit promoted contract trading in schools or charged listing fees.

He criticized the crypto industry’s chaotic nature, fueled by rumors and misinformation, and assured that Bybit remains financially sound despite recent losses from a hack.

The controversy also highlights ongoing tensions between Bybit and Pi Network.

Zhou has refused to list Pi tokens and referred to the Pi Network as a potential scam, citing fraudulent activities allegedly linked to the platform. Pi Network, in turn, denies these accusations and emphasizes its legitimacy and large user base.

The crypto community remains divided, with some supporting Zhou’s stance and others backing Pi Network.

Mechanism Capital Founder Doubles Bitcoin Position With a $200 mn Long.

Andrew Kang, founder of Mechanism Capital, has doubled down on his bullish outlook for Bitcoin, placing a $200 million leveraged long position, according to on-chain data from Arkham.

This includes an additional $100 million bet made on April 12, with a potential $The amountmillion gain or loss.

The move follows Donald Trump’s April 9 Truth Social post urging investors to buy, which Kang believes signals a “Trump” put”—the idea that Trump may act to support the markets.

Hours after Trump’s post, the administration paused a global tariff hike, triggering a rally in crypto and stock markets.

SUI Aggregator Volume Soars to $30 bn.

SUI’s fundamentals are showing strong signs of growth and increasing investor confidence. On-chain data reveals a steady rise in daily transactions throughout early 2025, with noticeable spikes in both early and late March.

These surges in activity reflect heightened user engagement on the SUI network, suggesting that the platform is gaining traction and broader adoption.

In addition to growing network usage, SUI’s open interest has climbed to $322.3 million, with a 2.95% increase in the past 24 hours.

Such behavior indicates that more traders are opening positions, which is typically a sign of rising confidence in the asset’s future performance.

An increase in open interest often correlates with greater market liquidity, making it easier for price movements to occur.

Bhutan PM Urges Global Adoption of Mining.

Bhutan’s Prime Minister is making waves by calling on governments worldwide to embrace Bitcoin mining as a strategic economic move.

Citing Bhutan’s own initiatives in the space, he argues that mining Bitcoin can deliver long-term economic advantages and position countries at the forefront of innovation.

Rather than dismissing digital assets, the PM urges nations to explore their potential and take proactive steps toward participating in the rapidly growing crypto-driven economy.

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