JPMorgan Renames Blockchain Platform to Kynexis, to Add On-Chain FX Settlement for USD, EUR

As a seasoned analyst with over two decades of experience in the financial sector, I’ve witnessed countless transformations and innovations that have reshaped our industry. JPMorgan’s rebranding of its Onyx unit to Kinexys is yet another significant step forward in this ongoing digital revolution.

JPMorgan has renamed its blockchain platform, which was previously known as Onyx, to Kinexys, reflecting their increased commitment to real-world tokenization of assets as the company continues to invest heavily in this area.

Umar Farooq, co-head of JP Morgan Payments, stated that we strive to surpass the constraints of outdated technology and fully embrace a world where multiple chains operate. Our ambition is to create a more unified network, dismantle fragmented systems, enhance compatibility between different systems, and lessen the restrictions present in today’s financial framework.

The process of converting real-world assets like traditional financial instruments into digital form using blockchain technology is rapidly expanding, with major banks showing growing interest. JPMorgan was among the pioneers in this field, utilizing their Onyx platform and JPM Coin, a blockchain-based settlement technology. Now, JPM Coin has been rebranded as Kinexys Digital Payments.

As a researcher, I’d like to highlight that since its launch in 2020, JPMorgan’s blockchain business has successfully executed transactions exceeding $1.5 trillion, including intraday repos and cross-border payments. On an average day, it processes over $2 billion. Notably, this service is utilized by enterprises globally, with Siemens, BlackRock, and Ant International being some of its prominent users.

The bank announced that it intends to add on-chain foreign exchange functions to its platform starting in Q1 2025, effectively enabling round-the-clock, near real-time multicurrency clearing and settlement operations. Initially, the service will support transactions involving the U.S. dollar and euro, with future plans to include other currencies as well.

As our transactions increase, more clients join us, and we introduce new products, we’re ready to speed up the integration of blockchain technology and tokenization into everyday financial services, according to the bank.

CORRECTION (Nov. 6, 16:50 UTC): Corrects spelling Kinexys in headline.