Key Takeaways
- JPMorgan’s blockchain platform plans to add instant settlement capabilities with Sterling in the future.
- The bank’s blockchain was recently renamed to Kinexys.
- Kinexys will focus on real-world asset tokenization and blockchain.
JPMorgan is set to launch instant foreign exchange conversions between the dollar and the euro in a new evolution of its private blockchain platform.
It comes as the bank’s blockchain was rebranded from Onyx to Kinexys in an attempt to become more recognizable.
Instant Dollar-Euro Settlements
The U.S. multinational financial services firm’s blockchain will soon allow users to convert assets between the dollar and the euro instantly.
Traditional FX settlements often involve multiple intermediaries and can take two or more days to complete due to time zone differences.
JPMorgan’s blockchain platform also plans to add Sterling to Kinexys’ instant settlement capabilities in the future.
According to Naveen Mallela, global co-head of the bank’s Kinexys digital ledger, the move marks the blockchain platform attempting to broaden its customer and client base.
The launch of instant settlements will also bring the project closer to breaking even, Maella told Bloomberg.
Since its inception, the blockchain platform has processed an average of more than $2 billion daily in transaction volume, with payments growing 10x year-over-year, the bank said in a blog post.
JPMorgan Tokenization Rebrand
The rebrand of JPMorgan’s blockchain comes as the company looks to direct its resources to real-world asset tokenization.
“We aim to move beyond the limitations of legacy technology and realize the promise of a multichain world,” said Umar Farooq, co-head of JPMorgan Payments, in a blog post.
“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,” he added.
Farooq told Bloomberg that the rebrand was also in part to make the blockchain platform less “mysterious.”
Real-world asset tokenization is the process of converting physical assets, such as real estate, commodities, art, or even stocks and bonds, into digital tokens on a blockchain.
This enables these tangible assets to be traded, sold, or shared fractionally in digital form, expanding accessibility and liquidity for traditionally illiquid assets.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
