JP Morgan has rebranded its Onyx blockchain unit as Kinexys by JP Morgan, signaling the banking giant’s intention to integrate blockchain technology into mainstream financial services.
Nearly a decade after its initial foray into distributed ledger technology (DLT) with the establishment of a blockchain center of excellence, JP Morgan’s Onyx platform now processes over $2 billion daily in transaction volume. With payment transactions increasing tenfold year-over-year, the rebranding to Kinexys aims to accelerate the adoption of blockchain and tokenization within the financial sector.
This transformation includes the integration of Kinexys Digital Payments with JP Morgan FX Services, facilitating on-chain forex settlements, beginning with USD and EUR, and with plans for additional currencies in the future. Starting in the first quarter of 2025, bank clients will have the ability to execute near real-time foreign exchange transactions and settlements by connecting to the JP Morgan global FX platform.
The bank asserts that this innovation will mitigate FX settlement risks and expedite trade settlements while setting the stage for future automation of continuous, near real-time multicurrency clearing and settlement per client specifications.
Additionally, a new Proof of Concept has been introduced, showcasing on-chain privacy, identity, and composability within financial ecosystems.
Umar Farooq, co-head of JP Morgan Payments, stated, “Together with our clients, we aim to move beyond the limitations of legacy technology and realize the promise of a multichain world. 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.”