TechFlow news, May 1 — According to The Block, JPMorgan's blockchain division Kinexys (formerly Onyx) has expanded into the Middle East and North Africa (MENA) region, establishing partnerships with eight leading regional banks, marking a broad shift toward blockchain integration in banking infrastructure.
JPMorgan said on Thursday that six of the eight banks are Qatar National Bank, Saudi National Bank, First Abu Dhabi Bank, Emirates NBD, Commercial Bank of Dubai, and Bank ABC. These banks are leveraging the Kinexys platform to enhance cross-border payments, treasury management capabilities, and transaction efficiency.
Since its launch in 2019, JPMorgan’s Kinexys platform has processed over $1.5 trillion in total transaction volume. It currently handles more than $2 billion in daily transactions, with payment volumes growing tenfold year-on-year. The platform has been integrated with JPMorgan's foreign exchange services, enabling on-chain settlement in U.S. dollars, euros, and British pounds, with plans to expand to additional currencies.
