JPMorgan Chase blockchain renamed! From Onyx to Kinexys, will introduce on-chain forex functionality next year

Recently, J.P. Morgan, the American banking giant, announced at the 2024 Singapore FinTech Festival that it will rename its EVM Alliance Chain 'Onyx' to 'Kinexys' and plans to introduce digital forex (FX) functionality in the first quarter of 2025, allowing users to trade forex assets through on-chain transactions to streamline the payment process of traditional forex trading.

Is Kinexys widely adopted? The volume is huge.

Umar Farooq, co-head of JPMorgan's payment department, pointed out that the development of the Kinexys blockchain is based on two core concepts: one is to serve as the foundation for generational finance, and the other is to redefine the circulation of assets and financial information. Since the establishment of the Kinexys (formerly Onyx) blockchain, its transaction volume has exceeded 1.5 trillion U.S. dollars, with an average daily volume of 2 billion U.S. dollars, and the volume has increased tenfold year by year.

Currently, Kinexys' repurchase protocol (Repo) has reached customers on five continents, helping global enterprises improve the operational efficiency of TradFi by utilizing Blockchain technology. Through near-real-time settlement, 24/7 uninterrupted service, and the programmability feature of smart contracts, Kinexys can provide customers with immediate salary access and automated cash flow management, further reducing transaction costs.

Together with our clients, we have overcome the limitations of traditional technology and realized the vision of a multi-chain world. Our current goal is to promote an interoperable (Block chain) ecosystem. By breaking down the liquidity islands formed by the fragmentation of Block chain, Kinexys will be able to achieve greater interoperability.

Which customers are using Kinexys?

JPMorgan said that with the rise of Kinexys volume, new customers, including Siemens, Ant International, and BlackRock, continue to adopt its services.

Kinexys Product Expansion

Kinexys has integrated J.P. Morgan's FX Services into its blockchain digital payment system to enable on-chain forex settlement of USD and EUR, with plans to expand to more fiat currencies in the future. Starting from Q1 2025, J.P. Morgan clients can achieve real-time settlement of forex trades through Kinexys, laying the foundation for the large-scale adoption of tokenized RWAs.

In the future, JPMorgan will continue to explore the ecological applications of Kinexys Blockchain in privacy and digital identity, and will release a series of technology concept verifications (Proof of Concept, POC) through the White Paper.

"Kinexys" is derived from "Kinetic", meaning dynamic change, symbolizing J.P. Morgan's transfer of assets globally in a simple and efficient manner; while Kinexys represents connection and hub, reflecting our vision as the next generation of infrastructure.