JPMorgan Chase, one of the major players in the global banking sector, has announced a significant transformation of its blockchain platform, renaming the Onyx division to “Kinexys”.
With this renewal, JPMorgan aims to integrate new features in the foreign exchange sector, bringing the bank closer to an increasingly automated and digital operational model.
From Onyx to Kinexys: a new step for JPMorgan’s blockchain platform
Originally launched as Onyx, the division of JPMorgan represented one of the first experiments by a major bank in using decentralized technologies like blockchain to support advanced financial services.
Since its foundation, Onyx has facilitated transactions worth a total of over 1.5 trillion dollars, establishing itself as one of the largest blockchain platforms in the financial world.
The renaming to Kinexys does not represent just a brand change, but also a strategic shift that will lead the unit to focus on new services dedicated to the settlement of currency exchanges and digital transfers.
The choice of the new name, Kinexys, evokes the concepts of connection and network (“Kin” as an abbreviation of “Kinship”, kinship) and reflects the bank’s intent to connect global financial markets with tailored solutions for digital and automated finance.
This change underscores JPMorgan’s commitment to the tokenization of assets and the expansion of its range of services based on blockchain.
The new FX on-chain feature: a paradigm shift
The main announcement related to Kinexys concerns the introduction of on-chain regulation for foreign exchange (FX). Starting from the first quarter of 2025, JPMorgan will offer the possibility to execute currency exchanges between the United States dollar (USD) and the euro (EUR) directly on the blockchain.
This innovation represents a significant advancement for the bank, which aims to make currency exchange operations more secure, transparent, and swift.
With the FX on-chain regulation, transactions will be completely traceable and immediately confirmed, thanks to the recording on a decentralized network. This not only speeds up execution times but also reduces counterparty risk, a significant advantage for institutional clients who operate large volumes of transactions in different currencies. In this way, Kinexys aims to offer its clients secure and always available access to exchange operations.
JPMorgan has expressed the intention to make the FX multi-currency settlement system on Kinexys active 24/7. This feature, considered crucial in the current global financial context, allows users to conduct transactions at any time and to react promptly to market fluctuations.
Automation on blockchain also simplifies the settlement process, reducing costs and increasing operational efficiency for the bank and its clients.
This continuous availability represents a significant innovation compared to traditional market hours, which are limited by time zones and working days. Kinexys aims to overcome these limits, offering a smoother and more responsive banking experience.
JPMorgan and continuous innovation in the blockchain sector
The decision to expand the functionalities of the Kinexys platform is a demonstration of how JPMorgan is determined to leverage blockchain technology to innovate banking operations.
In recent years, the bank has shown a strong willingness to explore the applications of distributed technology, both for interbank settlements and for liquidity management.
JPMorgan is not new to this type of innovations. In 2020, the bank introduced the JPM Coin, a digital token used to facilitate transactions between financial institutions.
With Kinexys, the institute not only continues on this path, but it ventures into new operational areas, with the goal of offering institutional clients a richer and more digital range of services.
The transformation of Onyx into Kinexys marks a crucial step for JPMorgan, which continues to evolve in response to the challenges of the digital market. The integration of on-chain FX settlement and the adoption of an automated and continuous operating model are indicative of a bank aiming to fully leverage the potential of blockchain.
With Kinexys, JPMorgan not only strengthens its position in the sector, but lays the groundwork for a new era of digital finance, where innovation and flexibility will be key elements to meet the needs of clients.
