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JPMorgan Renames Blockchain Platform to Kinexys, to Add On-Chain FX Settlement for USD, EUR
The banking giant was one of the early leaders in applying blockchain tech to traditional financial activities, executing over $1.5 trillion of transactions since its inception.
Updated Nov 6, 2024, 4:51 p.m. Published Nov 6, 2024, 4:42 p.m.
- JPMorgan's rebranded its Onyx unit focused on tokenization and blockchain as Kinexys.
- The bank will introduce on-chain foreign exchange capabilities as early as first-quarter 2025, with plans for automated, around-the-clock multicurrency settlements.
JPMorgan (JPM) rebranded its blockchain platform, formerly Onyx, as Kinexys as the banking giant doubled down on real-world asset tokenization efforts.
"We aim to move beyond the limitations of legacy technology and realize the promise of a multichain world,” Umar Farooq, co-head of JP Morgan Payments said in a statement. “Our goal is to foster a more connected ecosystem to break down disparate systems, enable greater interoperability and reduce the limitations of today’s financial infrastructure.”
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Tokenization of real-world assets (RWA) such as traditional financial instruments has been a fast-growing area for blockchain technology with big banks getting increasingly involved. JPMorgan was one of the early leaders in the tokenization space with Onyx and its JPM Coin blockchain-based settlement tech. JPM Coin has been renamed to Kinexys Digital Payments.
JPMorgan's blockchain business has executed over $1.5 trillion of transactions such as intraday repos and cross-border payments since its inception in 2020, processing an average of more than $2 billion a day, according to the bank. Its users are enterprises around the globe such as Siemens, BlackRock and Ant International.
The bank said it plans to introduce on-chain foreign exchange capabilities to the platform as early as the first quarter of 2025, paving the way for the "automation of 24/7, near real-time multicurrency clearing and settlement." The service will first be available for the U.S. dollar and euro with plans to expand to other currencies.
"With growing transaction volumes, client adoption and product expansion, we’re poised to accelerate the adoption of blockchain technology and tokenization into mainstream financial services," the bank said.
CORRECTION (Nov. 6, 16:50 UTC): Corrects spelling Kinexys in headline.
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