JPMorgan Launches Kinexys for Instant USD-EUR Blockchain Settlements
JPMorgan has launched an update to its blockchain platform, now named Kinexys, integrating digital payments with foreign exchange (FX) services, starting with USD-EUR settlements. This positions Kinexys as a key player in global blockchain-based financial services.
Kinexys CEO Umar Farooq announced the rebranding at the Singapore Fintech Festival, indicating that it will unify all of JPMorgan’s blockchain operations, covering information, money, and asset management. Initially focused on USD and EUR transactions, Kinexys plans to support additional currencies, facilitating near-instant FX settlements to reduce risks and expedite trades.
Since its inception, Kinexys (formerly Onyx) has processed over $1.5 trillion in transactions, averaging $2 billion daily. Its growth reflects its role in facilitating seamless global transactions around the clock, including outside typical banking hours. Upcoming features include on-chain privacy, identity verification, and composability, enhancing secure digital payments.
Beyond FX transactions, Kinexys supports various financial institutions, corporations, and FinTechs. By October 2023, the platform achieved a milestone of $1 billion in daily transactions via JPM Coin, now part of Kinexys Digital Payments.
Following this announcement, JPMorgan released a whitepaper detailing how blockchain could enhance privacy and identity features in financial networks. This builds on previous innovations, including a May partnership with Mastercard, Visa, and Citigroup to establish the Regulated Settlement Network (RSN), testing distributed ledger solutions for integrating commercial bank funds with central bank money and securities, supported by the New York Federal Reserve’s Innovation Center.
Fidelity International's joining of JPMorgan’s tokenized network in June further illustrates the increasing adoption of blockchain technology in real-world finance.