In November, The WinePress published a detailed report explaining the concept of tokenization, a new monetary system for a rapidly transforming new world order, where nearly everything will be digitally represented on a blockchain that can be bought, sold, and speculated on. For more details on what a token is and the process of tokenization, check out this report here:
On November 21st, Mastercard explained the venture in a press release:
Mastercard’s Multi-Token Network (MTN) has connected to Kinexys Digital Payments as a payment settlement solution to enhance the availability of B2B cross-border payments to business applications on MTN.
Kinexys Digital Payments is a next-generation payment rail powering real-time value transfer using commercial bank money, offered through Kinexys by J.P. Morgan, the firm’s blockchain business unit.
Mastercard’s MTN brings together a set of API-enabled, blockchain-based tools and standards for innovative business models under one platform.
Kinexys by J.P. Morgan and Mastercard are respectively providing solutions designed to improve the efficiency of commercial transactions. These solutions aim to improve the cross-border payment experiences common for such transactions by providing greater transparency and faster settlement as well as reducing time zone friction.
By integrating Mastercard MTN’s connectivity with Kinexys Digital Payments, mutual customers of MTN and Kinexys will be able to settle B2B transactions through a single API integration.
Naveen Mallela, co-head of Kinexys by J.P. Morgan, said, “At Kinexys, we believe our solutions can play a transformative role in the ecosystem for digital global commerce and digital assets, where the value proposition of commercial transaction venues is enhanced by the availability of commercial bank payment rails that can natively integrate with any digital marketplace or platform. We look forward to supporting our clients engaging with the MTN ecosystem and collaborating further with Mastercard in the digital space.”
Raj Dhamodharan, executive vice president, Blockchain and Digital Assets at Mastercard, added, “For years, both Mastercard and Kinexys by J.P. Morgan have been committed to innovating for the future of digital asset and commercial infrastructure. By bringing together the power and connectivity of Mastercard’s MTN with Kinexys Digital Payments, we are unlocking greater speed and settlement capabilities for the entire value chain. We are excited about this integration and the new use cases it will bring to life, leveraging the strengths and innovations of both organizations.”
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To illustrate the scope of this move, Coin Telegraph detailed how Kinexys has previously been used:
Kinexys Digital Payments originated in 2020 as Onyx, the first bank-led blockchain platform powered by the dollar-pegged JPM Coin. It was designed for cross-border transfers. The coin initially rankled the crypto community, but it found a ready market among financial institutions.
Goldman Sachs was an early adopter of JPM Coin, and central and commercial banks in India and the Middle East soon followed suit. The platform was expanded to euro-denominated payments in June 2023 and saw $1 billion in daily transactions by October of that year. According to JPMorgan, that figure has since risen to $2 billion daily.
Onyx’s rebranding to Kinexys was announced on Nov. 6. At the same time, JPMorgan said it would integrate Kinexys with JPMorgan FX Services to enable onchain foreign exchange settlements, beginning with the US dollar and euro.
Kinexys also released a white paper detailing a proof-of-concept of its onchain enterprise privacy, identity and composability on Nov. 6.
Mastercard announced it was testing the MTN in June 2023. Its first live test occurred in May 2024, when Mastercard and Standard Chartered Bank Hong Kong ran a proof-of-concept pilot that tokenized carbon credits within the Hong Kong Monetary Authority Fintech Supervisory Sandbox.
MTN had earlier tested the use of wrapped central bank digital currencies with the Reserve Bank of Australia.
For more of my thoughts and scriptural insights on this issue, please see my report on tokenization:
Tokenization: The New World Order Monetary System To Digitize All Assets And Nature, Including You
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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