QNB Adopts JPMorgan’s Blockchain Platform for US Dollar Payments

QNB Group, one of the largest financial institutions in the Middle East, has switched to JPMorgan Chase & Co.’s blockchain platform for US dollar corporate payments processed by its Qatar-based bank, as mainstream adoption of the technology underpinning cryptocurrencies gains steam.

By adopting JPMorgan’s Kinexys Digital Payments system, Doha-based QNB can now process US dollar-based payments for its business clients in Qatar in minutes and 24/7, the companies said in a statement on Monday. By contrast, bank payments using traditional rails will largely process on weekdays and can take several days to reach their beneficiary.

At a time when ...