JP Morgan has rebranded its Onyx blockchain unit as Kinexys by JP Morgan as the banking giant prepares to bring the technology into mainstream financial services.
Nearly a decade after JP Morgan dipped its toe into the DLT world with the launch of a blockchain centre of excellence, the firm's Onyx platform is processing an average of more than $2 billion daily in transaction volume.
With payments transactions growing by 10x year-over-year, the bank is rebranding Onyx as Kinexys and is "poised to accelerate the adoption of blockchain technology and tokenisation into mainstream financial services".
This means integrating Kinexys Digital Payments with JP Morgan FX Services to enable forex settlement on chain, initially in USD and EUR, with plans to expand to more currencies. Bank clients will be able to execute near real-time FX transactions and settlement by connecting to the JP Morgan global FX platform as early as the first quarter of 2025.
The bank says this will reduce FX settlement risk and speed up trade settlements. It also lays the groundwork for future automation of 24/7 near real-time multicurrency clearing and settlement, based on client-defined instructions.
Meanwhile, a new Proof of Concept has been launched demonstrating on-chain privacy, identity and composability within financial ecosystems.
Umar Farooq, co-head, JP Morgan Payments, says: "Together with our clients, we aim to move beyond the limitations of legacy technology and realise 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."