JP Morgan Rebrands Onyx, Integrates with FX Services

JP Morgan has announced a rebrand of its blockchain-based platform Onyx as the offering moves to its next chapter – as part of the change, the bank is to add FX capabilities to the newly-named Kinexys, following a Proof of Concept.

Since inception, JPM says Onyx has exceeded $1.5 trillion in notional value, processing an average of more than $2 billion daily in transaction volume. It also says that payments transactions have grown by ten times year-over-year, and has been the basis for “some of the largest repo transactions on any blockchain globally”.

As part of the change, the JPM Coin is being renamed Kinexys Digital Payments, this will be integrated with JP Morgan FX Services to enable FX settlement on chain, initially in USD and EUR, although the bank says it plans to expand to more currencies. “Clients will be able to execute near real-time FX transactions and settlement by connecting to the JP Morgan global FX platform as early as the first quarter of 2025, reducing FX settlement risk and speeding up trade settlements,” the bank states. “This lays the groundwork for future automation of 24/7 near real-time multicurrency clearing and settlement, based on client-defined instructions.”

Observing that enhanced privacy measures are “crucial” for improving access to digital assets, the bank says that streamlining identity management is intrinsically linked to the potential for tokenised assets at scale. The Proof of Concept explores these areas in further detail to better understand current solutions and potential implementations across the board. It also demonstrates on-chain privacy, identity and composability, something JPM says are major themes that will play significantly into its continued evolution.

“Together with our clients, we aim to move beyond the limitations of legacy technology and realise the promise of a multichain world,” says Umar Farooq, co-head of JP Morgan Payments. “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.”