JP Morgan Rebrands Blockchain Platform to Kinexys, Launches Forex Services Amid 1,000% Transaction Growth

JP Morgan has rebranded its blockchain platform to Kinexys. This change comes as the company prepares to launch foreign exchange services for its growing user base.

Originally known as JPM Coin when it launched in 2019, the platform was later renamed Onyx. Now, it will facilitate forex transactions for its expanding list of global clients. The user base has skyrocketed, with payment transactions increasing by a remarkable 1,000% year-over-year. This surge has created a need for infrastructure upgrades and new services.

The name Kinexys comes from the word “kinetic.” It reflects the movement of money, assets, and financial information around the world. The updated platform will also introduce features like on-chain privacy and tools focused on identity and composability.

According to JP Morgan, “Through cutting-edge infrastructure, our clients can easily transfer money across borders, even after markets close. They can tokenize assets and exchange financial data seamlessly.”

Kinexys leverages this infrastructure to provide near real-time, 24/7 programmable cross-border transactions and intragroup funding. It also helps clients access working capital and reduce transaction costs.

The blockchain processes around $2 billion in daily transaction volumes. It has also accumulated $1.5 trillion in underlying assets from derivatives contracts. These achievements align with a recent resurgence in the cryptocurrency market.

JP Morgan isn’t alone in embracing blockchain technology. Last year, over two dozen financial institutions, including Goldman Sachs and BNP Paribas, launched the Canton Network. This platform focuses on real-world asset tokenization. Additionally, Singaporean bank DBS recently introduced its Token Services platform, which offers a suite of blockchain-powered tools.