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.

Banking giant JPMorgan (JPM) has renamed its blockchain platform, formerly known as Onyx, to Kinexys. The move comes as the bank doubles down on efforts to tokenize real-world assets.

"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.”

Tokenization of real-world assets (RWA) like traditional financial instruments has been a rapidly 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 also been renamed to Kinexys Digital Payments.

JPMorgan's blockchain business has executed over $1.5 trillion of transactions like intraday repos and cross-border payments since its launch in 2020, processing an average of more than $2 billion a day, according to the bank. Its users include enterprises around the globe like Siemens, BlackRock and Ant International.

The bank said it plans to add 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.