BMW Uses JPMorgan Blockchain System for Automated FX Transfers

BMW AG has started using a blockchain-based system to automate some of its foreign exchange transactions as firms increasingly look to crypto’s underlying technology to accelerate and simplify billions of dollars in crossborder payments.

The German carmaker is using JPMorgan Chase & Co’s Kinexys platform to automatically transfer euros from its Frankfurt accounts when dollar balances in New York drop below a certain threshold, the companies said in a statement on Tuesday.