In a major milestone for the financial technology landscape, J.P. Morgan has announced the evolution of its pioneering blockchain platform, Onyx, into the new entity Kinexys by J.P. Morgan. This strategic rebranding and expansion marks a significant step forward in the bank’s mission to drive the mainstream adoption of blockchain technology and tokenization across the financial services industry.
Onyx, which was launched nearly a decade ago as the world’s first bank-led blockchain platform, has now transitioned into Kinexys, a name derived from the word “kinetic,” reflecting the platform’s ability to move money, assets, and financial information around the world with unparalleled speed, ease, and efficiency.
“Together with our clients, we aim to move beyond the limitations of legacy technology and realize the promise of a multichain world,” said Umar Farooq, co-head of J.P. Morgan Payments. “Our goal is to foster a more connected ecosystem to break down disparate systems, enable greater interoperability, and reduce the limitations of today’s financial infrastructure.”
The Kinexys platform has already achieved impressive milestones, processing over $1.5 trillion in notional value and an average of more than $2 billion in daily transaction volume. Moreover, the platform’s payments transactions have grown by an astounding 10x year-over-year, as Kinexys serves clients across five continents.
Kinexys is poised to accelerate this momentum, with plans to integrate J.P. Morgan’s FX services to enable near real-time FX transactions and settlement, initially in USD and EUR, with plans to expand to more currencies. This integration will reduce FX settlement risk and speed up trade settlements, laying the groundwork for future automation of 24/7 multicurrency clearing and settlement.
In addition to product expansion, Kinexys is also exploring the boundaries of distributed ledger technology, with a focus on enhancing privacy, identity management, and composability in blockchain ecosystems. The platform’s Digital Assets and Labs teams have published a whitepaper detailing a new proof-of-concept that delves into these critical areas, paving the way for improved access to digital assets and the scalability of tokenized assets.
“We’ve built our business on a history of innovation, and like the name Kinexys suggests, we are driven by a relentless focus on building next-generation financial infrastructure and leveraging our deep industry expertise,” Farooq added.
As the financial services industry continues to evolve, the emergence of Kinexys by J.P. Morgan represents a significant step forward in the bank’s commitment to redefining the future of finance. By harnessing the power of blockchain technology and tokenization, Kinexys is poised to accelerate the adoption of these transformative solutions, empowering its clients to thrive in the rapidly changing digital asset ecosystem.