• JP Morgan Rebrands Onyx to Kinexys Blockchain Platform for Seamless Global Payments and Asset Tokenization

  • Nov 9 2024
  • Length: 3 mins
  • Podcast

JP Morgan Rebrands Onyx to Kinexys Blockchain Platform for Seamless Global Payments and Asset Tokenization

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  • In a significant move to bolster its presence in the blockchain and cryptocurrency landscape, J.P. Morgan has announced the rebranding of its pioneering blockchain platform, Onyx, to Kinexys. This strategic shift was unveiled at the Singapore Fintech Festival, marking a new era in wholesale payments and financial services.

    Kinexys, a name derived from "kinetic" and "connection," reflects the platform's mission to facilitate seamless and efficient movement of money, assets, and financial information globally through blockchain technology. Since its inception, Onyx has processed over $1.5 trillion in notional value, with an average daily transaction volume exceeding $2 billion. This rebranding builds on the remarkable achievements of Onyx, which has seen payments transactions grow tenfold year-over-year and has facilitated some of the largest repo transactions ever executed on a blockchain worldwide.

    The Kinexys platform is designed to empower businesses across five continents, enabling them to leverage the speed and efficiency of blockchain technology. It allows for the tokenization of assets, facilitates the seamless exchange and validation of financial data, and enables corporates to move money between J.P. Morgan accounts in different countries in real-time and 24/7 through Kinexys Digital Payments, formerly known as JPM Coin Systems.

    One of the key enhancements planned for Kinexys is the integration of foreign exchange (FX) capabilities. Starting in the first quarter of 2025, Kinexys Digital Payments will facilitate on-chain FX conversions, initially between the U.S. dollar and the euro, with plans to expand to other currencies. This innovation aims to reduce FX settlement risk and speed up trade settlements, laying the groundwork for future automation of 24/7 near real-time multicurrency clearing and settlement[2][4].

    Additionally, Kinexys is working on a proof-of-concept for on-chain privacy, identity, and composability, further highlighting J.P. Morgan's commitment to addressing key challenges in the blockchain space. The rebranding also includes the renaming of other key business units, such as Onyx Digital Assets to Kinexys Digital Assets and Blockchain Launch to Kinexys Labs, to align with the new brand identity[1][5].

    This rebranding is not just a cosmetic change but a strategic move to accelerate the adoption of blockchain technology and tokenization into mainstream financial services. As Umar Farooq, co-head of J.P. Morgan Payments, noted, the goal is to move beyond the limitations of legacy technology and foster a more connected ecosystem, enabling greater interoperability and reducing the limitations of today’s financial infrastructure[2][5].

    With its impressive track record, global reach, and ambitious roadmap, Kinexys is poised to shape the future of finance, driving greater efficiency and connectivity in the financial world. This move underscores J.P. Morgan's leadership in innovation and its dedication to revolutionizing wholesale payments through cutting-edge blockchain solutions.
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