TechFlow news — On November 7, according to CoinDesk, JPMorgan Chase announced it is rebranding its Onyx division, which focuses on tokenization and blockchain, as Kinexys. The bank plans to launch on-chain foreign exchange capabilities as early as the first quarter of 2025, enabling round-the-clock automated multi-currency settlements.
Umar Farooq, co-head of JPMorgan’s payments business, said: "Our goal is to build a more interconnected ecosystem that overcomes the limitations of today’s financial infrastructure." Since its inception in 2020, the platform has executed over $1.5 trillion in transactions, processing more than $2 billion daily on average.
As one of the early leaders in applying blockchain technology to traditional financial activities, JPMorgan is also renaming its JPM Coin blockchain settlement technology to Kinexys Digital Payments. Platform users include global enterprises such as Siemens, BlackRock, and Ant International.
JPMorgan stated that with growing transaction volumes, increasing customer adoption, and product expansion, it is now ready to accelerate the application of blockchain and tokenization in mainstream financial services. The new on-chain FX functionality will initially support U.S. dollars and euros, with plans to expand to other currencies in the future.
