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BMW adopts JPMorgan's blockchain settlement system Kinexys to automatically process foreign exchange transfers
On December 9, according to Bloomberg, German automaker BMW AG has begun using a blockchain-based system to automate certain foreign exchange transactions, as companies increasingly seek to leverage the technology behind cryptocurrencies to accelerate and streamline billions of dollars in cross-border payment processes. The company is using JPMorgan Chase & Co.’s Kinexys platform, which automatically transfers euros from its Frankfurt account when the balance of BMW’s U.S. dollar account in New York falls below a set threshold.