JPMorgan Renames Blockchain Platform to Kinexys, to Add On-Chain FX Settlement for USD, EUR
Summary
JPMorgan rebranded its blockchain platform from Onyx to Kinexys, focusing on real-world asset tokenization. The bank aims to enhance interoperability and reduce financial infrastructure limitations. Tokenization of traditional financial instruments is rapidly growing, with JPMorgan as an early leader. Its blockchain business has processed over $1.5 trillion in transactions since 2020, averaging over $2 billion daily. Clients include Siemens, BlackRock, and Ant International. Plans include introducing on-chain foreign exchange capabilities by early 2025, initially for the U.S. dollar and euro, to enable near real-time multicurrency clearing and settlement.
