PANews reported on November 21 that according to CoinDesk, Mastercard has connected its blockchain-based tokenized asset transfer system Multi-Token Network (MTN) with JPMorgan Chase's (JPM) recently renamed digital asset business Kinexys (formerly known as Onyx). The two companies said in a press release on Thursday that the cooperation aims to strengthen B2B cross-border payments, "providing greater transparency and faster settlement speeds, and reducing time zone friction."

Tokenized FX is an attractive subset of the blockchain-based real-world asset trend that is now firmly accepted by traditional finance as it provides a near real-time, always-on way to avoid cross-border gaps and pain points, the two companies said in a joint statement. By integrating Mastercard MTN’s connection with Kinexys Digital Payments, mutual customers of MTN and Kinexys will be able to settle B2B transactions through a single API.