JPMorgan Rebrands Blockchain Unit to Kinexys, Plans Major FX Integration for 2025
JPMorgan has announced the rebranding of its blockchain unit from Onyx to Kinexys by JPMorgan, marking a significant evolution in the banking giant’s distributed ledger technology (DLT) strategy. The announcement, made by Umar Farooq, global co-head of JPMorgan Payments, at the Singapore Fintech Festival, comes as the platform prepares to integrate foreign exchange capabilities into its growing suite of blockchain-based services.
Since its launch in 2020, the platform has demonstrated remarkable growth, processing more than $1.5 trillion in notional value and currently handling over $2 billion in daily transaction volumes. The platform has seen payment transactions increase tenfold year-over-year, serving clients across five continents, including global innovators such as Siemens, BlackRock, and Ant International.
The rebranding to Kinexys, combining the concepts of “kinetic” and “connection”, reflects the platform’s mission to facilitate the worldwide movement of money, assets, and financial information. Under the new brand, several key services have been renamed: JPM Coin Systems becomes Kinexys Digital Payments, Onyx Digital Assets is now Kinexys Digital Assets, and the messaging network Liink is rebranded as Kinexys Liink.
In a significant expansion of its capabilities, JPMorgan plans to integrate Kinexys Digital Payments with its FX Services, enabling on-chain foreign exchange settlement. The initial phase, scheduled for launch in the first quarter of 2025, will support USD and EUR transactions, with plans to expand to additional currencies. This integration aims to reduce FX settlement risk and accelerate trade settlements, laying the groundwork for 24/7 near real-time multicurrency clearing and settlement.
“Together with our clients, we aim to move beyond the limitations of legacy technology and realize the promise of a multichain world,” said Farooq. “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 bank has also announced a new proof of concept from Kinexys Digital Assets and Kinexys Labs, focusing on on-chain privacy, identity, and composability within financial ecosystems. This initiative explores enhanced privacy measures crucial for improving access to digital assets and streamlining identity management for tokenized assets at scale.
While the rebranding represents a positive step forward, industry sources suggest that trademark considerations may have influenced the decision. Previous trademark applications for Onyx-related services faced challenges at the U.S. Patent and Trademark Office, potentially due to conflicts with existing trademarks.
