JPMorgan has renamed its blockchain operation Onyx to Kinexys and aims to expand its capabilities to encourage wider use of blockchain technology and tokenization in mainstream financial services.
The platform’s new name is Kinexys, and its payment settlement system, formerly JPM Coin, has been renamed Kinexys Digital Payments. Alongside these changes, JPMorgan has also revealed plans to introduce on-chain foreign exchange conversions to the platform next year, starting with USD to Euro transactions and intending to include additional currencies later.
Speaking at the Singapore Fintech Festival, Kinexys CEO Umar Farooq explained that the updates support automated, real-time clearing and settlement in multiple currencies.
Key Takeaways
- Kinexys Rebranding: JPMorgan has renamed its blockchain platform from Onyx to “Kinexys,” with its JPM Coin system now called “Kinexys Digital Payments.” The change highlights the firm’s focus on integrating blockchain technology into mainstream financial operations.
- On-Chain Foreign Exchange (FX): Kinexys plans to introduce on-chain FX functionality by 2025, starting with USD-to-Euro conversions. Future expansions will include other currencies to improve cross-border payment processes and minimize counterparty risks.
- Transaction Growth and Capabilities: Since its inception, the platform has facilitated over $1.5 trillion in transactions and currently processes about $2 billion daily. It supports real-time multi-currency clearing to streamline global financial operations.
- Focus on New Features: Kinexys’s Labs division is developing proof-of-concept projects targeting privacy and identity solutions. These efforts seek to broaden blockchain’s role in financial services and set new benchmarks for its applications.
JPMorgan Rebrands Blockchain Platform as Kinexys, Expanding Into Forex Services
JPMorgan has rebranded its blockchain-based platform to Kinexys as it gears up to introduce foreign exchange services to accommodate its increasing clientele. Originally launched in 2019 as JPM Coin and later renamed Onyx, the financial services firm revealed that the platform will soon facilitate forex transactions for its growing list of international clients.
The need for this expansion stems from a significant increase in usage. The platform has experienced a 1,000% year-over-year growth in payment transactions, prompting JPMorgan to enhance its infrastructure and introduce new services. Since its inception, the blockchain platform has processed over $1.5 trillion in notional value, with daily volumes now surpassing $2 billion. However, this amount is relatively small compared to the $10 trillion in traditional payments the bank handles daily.
The company explained that the new name, Kinexys, is inspired by the term “kinetic,” reflecting the global dynamic movement of money, assets, and financial data. Additionally, the revamped platform will include advanced features like on-chain privacy, identity verification, and tools focused on composability within its network.
In a statement, Umar Farooq, co-head of JPMorgan Payments, mentioned their objective to surpass the constraints of existing technology and fulfill the potential of a multichain environment. He emphasized their commitment to creating a more integrated ecosystem that overcomes the barriers of current systems, enhances interoperability, and diminishes the restrictions of present-day financial infrastructure.
Tokenization of real-world assets like conventional financial instruments has rapidly expanded within the blockchain sector, with major banks playing significant roles. JPMorgan has pioneered in this area through its platform, originally named Onyx, and its blockchain-based payment technology, JPM Coin, now called Kinexys Digital Payments.
The bank plans to implement on-chain foreign exchange features on its platform by the first quarter of 2025. This initiative enables automated, around-the-clock, near-instant clearing and settlement in multiple currencies. Initially, the service will handle transactions in USD and Euro, but it will expand to other currencies in the future.
The bank also noted significant increases in client engagement, product offerings, and transaction volumes, positioning it to further push the integration of blockchain technology and tokenization into mainstream financial services.
JPMorgan is not alone among major banks that are adopting blockchain technology. Last year, over twenty financial institutions, such as BNP Paribas and Goldman Sachs, introduced the Canton Network, a blockchain platform dedicated to tokenizing real-world assets. Additionally, earlier this month, the Singapore-based bank DBS launched its own Token Services platform, which provides a collection of blockchain-powered tools.
About JPMorgan
JPMorgan Chase & Co., headquartered in New York City, is the largest bank in the United States by assets and a leader in global financial services. The firm has a rich history dating back to 1799 and has grown through significant mergers, including the 2000 combination of J.P. Morgan & Co. and Chase Manhattan Bank. It operates in over 100 markets worldwide, providing comprehensive services such as investment banking, retail banking, asset management, and treasury services.
The company’s key divisions include Community and Consumer Banking, Asset and Wealth Management, Corporate and Investment Banking, and Commercial Banking. These segments cater to businesses, individuals, institutions, and governments, offering tailored solutions like mortgages, credit cards, advisory services, and investment products. As of 2023, JPMorgan Chase manages assets exceeding $3.9 trillion, with over 309,000 employees globally.
The firm’s innovative approach and global reach make it a critical player in financial markets. It serves millions of clients and drives advancements in banking technology and services. Its dedication to sustainability and community initiatives further underscores its leadership in the industry.
Conclusion
JPMorgan has renamed its blockchain platform Kinexys as part of a strategy to lead the use of blockchain and tokenization in mainstream finance. This new name highlights the platform’s goal to support fast, real-time transactions in a multichain environment. Starting in 2025, Kinexys will offer on-chain foreign exchange services, beginning with conversions between USD and Euro. This change shows JPMorgan’s commitment to making cross-border payments more efficient and reducing risks.
Since launching, Kinexys has processed over $1.5 trillion in transactions and handles more than $2 billion daily. This shows how scalable and impactful blockchain technology can be in finance. Kinexys’s Labs division is also working on advanced tools like on-chain privacy and identity solutions to keep pushing for innovation.
The broader industry is also moving towards blockchain for tokenizing real-world assets, with competitors like DBS and the Canton Network joining in. By using its global reach and strong technology, JPMorgan is not just improving its blockchain services but also helping to change financial systems around the world. This rebranding positions Kinexys as a key part of JPMorgan’s vision for the future of financial services.
