JPMorgan’s Blockchain Unit Rebrands as Kinexys, Targets 24/7 Multicurrency Settlements

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As a seasoned researcher with a keen interest in blockchain technology and its applications in TradFi, I find JPMorgan’s rebranding of Onyx to Kinexys both intriguing and strategic. The move comes at an interesting time, coinciding with the US elections and being announced in Singapore, which has sparked speculation about the motive behind this name change.

JPMorgan has made a major update to its blockchain system and, as part of this change, they are renaming it from Onyx to Kinexys.

By the first quarter of 2025, the bank plans to add foreign exchange functionalities on their Kinexys platform that will facilitate automated, around-the-clock, near real-time multicurrency transactions for clearing and settling. This addition is intended to improve the platform’s capabilities even more.

JPMorgan’s Blockchain Unit Rebrands as Kinexys

JPMorgan has changed the name of its blockchain platform from Onyx to Kinexys. This change comes as the banking giant is increasing its support for tokenizing real-world assets. Umar Farooq, Co-Head of JPMorgan Payments, mentioned that this shift is aimed at moving beyond the limitations of conventional technology. The aim is to fully realize the potential of a world with multiple blockchain networks.

Farooq highlighted that JPMorgan aims for a more integrated environment, dismantling isolated structures. Additionally, they want to enhance compatibility, and assist in overcoming current constraints of the financial framework.

Transforming tangible assets from the real world, such as conventional financial products, into digital form via blockchain technology is an increasingly popular area of development.

Central banks are increasing their activity in this specific field of interest. JPMorgan was a pioneer in this area with Onyx and its blockchain-based payment settlement technology, known as the JPM Coin. This system has been recently renamed to Kinexys Digital Payments.

JPMorgan’s Kinexys to Introduce On-Chain FX in Q1 2025

JPMorgan is said to have announced that their blockchain platform has handled over $1.5 trillion in transactions since its 2020 debut. This figure encompasses daily repo trades and cross-border payments, with an average daily transaction value exceeding $2 billion. Notable clients of this service include Siemens, BlackRock, and Ant International.

By Q1 2025, the bank plans to launch a new feature on their platform that allows for instant foreign exchange transactions (on-chain). This feature aims to automate around-the-clock, near real-time clearing and settlement of multiple currencies – initially focusing on the US dollar and euro, with additional currencies added later.

As a researcher, I find it compelling that JPMorgan’s data points towards growing transaction volumes, increased client adoption, and broadening of their product portfolio. This strategic progression positions them favorably to expedite the assimilation of blockchain technology and tokenization within traditional finance (TradFi), a move that could potentially revolutionize the sector.

A Strategic Rebrand or a Distraction?

The recent renaming of JPMorgan’s blockchain platform from Onyx to Kinexys has sparked curiosity: What prompted this change? Its announcement coincided with the US election and its release in Singapore, fueling conjecture about the motivation behind this strategic shift.

As a crypto investor, I’ve learned that the rumors swirling around might suggest a reason for the proposed name change. It seems there could be a potential copyright dispute with the current Onyx name, which some find intriguing given the timing appears to intentionally divert attention away from the recent political event, creating a sense of mystery.

Although JPMorgan claims the rebranding is to improve their blockchain platform strategically, the timing and motivation raise questions as to whether the name change was indeed the primary reason behind it.

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2024-11-06 20:50