Key Takeaways:
- JPMorgan has rebranded its Onyx platform as “Kinexys” to emphasize tokenization and blockchain-based payments.
- The bank plans to launch 24/7 on-chain FX settlement services in early 2025, initially supporting USD and EUR.
- Kinexys has already processed over $1.5 trillion in blockchain transactions, with major corporations utilizing its platform for secure, cross-border payments.
JPMorgan has rebranded its blockchain platform Onyx as Kinexys, strengthening its focus on tokenization and blockchain-based payments.
The bank plans to launch an on-chain foreign exchange (FX) settlement service in early 2025, enabling automated, 24/7 multicurrency transactions, initially in U.S. dollars and euros, with future currency expansions.
JPMorgan will soon offer instant settlement for foreign-exchange conversions between the dollar and the euro via its Kinexys blockchain platform and plans to add sterling to the service over time https://t.co/ndU0ercQhu
— Bloomberg Crypto (@crypto) November 6, 2024
Umar Farooq, co-head of JPMorgan Payments, emphasized the bank’s commitment to overcoming limitations of traditional financial technology, aiming to foster a more interconnected, multichain ecosystem.
The financial sector is increasingly adopting blockchain, and JPMorgan has been a key player since launching Onyx in 2020, along with its JPM Coin (now Kinexys Digital Payments).
🏦 JPMorgan, а financial holding company, has rebranded its blockchain platform Onyx as Kinexys, heralding the start of a new era in its growth.https://t.co/ualJf6BzL7
— GN Crypto (@GNcrypto_news) November 6, 2024
💸 Kinexys will soon support instant transactions between the U.S. dollar and the euro.…
Since then, the blockchain unit has processed over $1.5 trillion, supporting high-value services like intraday repos and cross-border payments.
Major corporations, including Siemens and BlackRock, use the platform.
With Kinexys, JPMorgan intends to expand transaction volumes further, driving adoption of blockchain and tokenization in mainstream finance.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
Check Adam out on: