JPMorgan Rebrands Blockchain Platform to Kinexys for FX

• JPMorgan has rebranded its Onyx unit, which focuses on tokenization and blockchain technology, to Kinexys.

• The bank plans to introduce on-chain foreign exchange capabilities by the first quarter of 2025, aiming for automated, round-the-clock multicurrency settlements.

Strategic Move Towards Tokenization

JPMorgan (JPM) has officially renamed its blockchain platform from Onyx to Kinexys, reinforcing its commitment to real-world asset tokenization. Umar Farooq, co-head of JP Morgan Payments, stated, "We aim to move beyond the limitations of legacy technology and realize the promise of a multichain world." The objective is to create a more connected ecosystem that enhances interoperability and addresses the shortcomings of current financial infrastructure.

Growth in Blockchain Transactions

Tokenization of real-world assets (RWA), including traditional financial instruments, has seen rapid growth, with major banks becoming increasingly involved. JPMorgan has been a pioneer in this space with Onyx and its JPM Coin blockchain-based settlement technology, now known as Kinexys Digital Payments.

Since its launch in 2020, JPMorgan's blockchain business has facilitated over $1.5 trillion in transactions, such as intraday repos and cross-border payments, averaging more than $2 billion daily. Its clientele includes global enterprises like Siemens, BlackRock, and Ant International.

Future Plans for On-Chain FX Capabilities

The bank has announced plans to introduce on-chain foreign exchange functionalities to Kinexys as early as the first quarter of 2025. This development is expected to enable the automation of 24/7, near real-time multicurrency clearing and settlement, initially focusing on the U.S. dollar and euro, with aspirations to expand to additional currencies.

JPMorgan emphasized that with increasing transaction volumes, client adoption, and product expansion, they are well-positioned to enhance the integration of blockchain technology and tokenization into mainstream financial services.