By Hannah Perez
JPMorgan‘s Blockchain unit, initially called Onyx, is renamed Kynexys. The banking giant said it will begin using its system for exchange settlements between dollars and euros.
***
- JPMorgan’s Blockchain unit, initially called Onyx, is renamed Kynexys
- The bank’s Blockchain network has processed more than USD $2 billion in transactions per day
- Kynexys to integrate with JPMorgan’s foreign exchange settlement system
The banking giant JPMorgan you are renaming your network Blockchain private and has announced that it will begin using it to speed up payments for its global currency exchange service.
Four years after its launch, the New York-based bank has decided to rename its blockchain unit, Onyxas part of a series of changes that seek to keep JPMorgan at the forefront of innovation in financial services.
The institution advertisement this wednesday your unit Blockchain will be called Kinexysa name that seeks to reflect the sense of movement and connection that is part of the bank’s vision to provide more efficient financial services.
It also seeks to refer to the approach “implacable” of the bank for the “building next generation financial infrastructure“. Umar Farooq, the global co-head of payments at JPMorganintroduced the change during the Singapore Fintech Festival.
The bank described the initiative as the “next chapter” for your business unit Blockchain, in a statement. “We’re helping our clients realize the future of finance by reinventing the way money, assets and financial information move.“reads the statement dated November 6.
Kinexysbefore Onyx, integrates with FX services
Established in 2020, Onyx is a private digital asset network based on Ethereum for banks operated by JPMorgan and designed to settle wholesale transactions. Serves banking clients on five continents, allowing companies around the world to take advantage of the speed and efficiency that technology offers Blockchain.
Since its inception, the platform has surpassed US$1.5 trillion in notional value, processing an average of more than US$2 billion daily in transaction volume, according to the bank. Additionally, payments transactions have grown 10x year-over-year, and it has executed some of the largest repo transactions on any blockchain globally.
As part of the change, JPMorgan announced the integration of Kinexys in your FX services to facilitate technology-enabled currency settlement Blockchain in real time. The feature will initially be enabled for exchanges between US dollars (USD) and euros (EUR), with plans to expand to more currencies, the bank said.
Tech-driven dollar-euro conversion feature expected Blockchain comes into operation in the first quarter of 2025, and eventually expand to include the British poundpending regulatory approval.
Clients will be able to execute FX transactions and settlements in near real-time by connecting to JP Morgan’s global FX platform as early as the first quarter of 2025, reducing FX settlement risk and accelerating trade settlement.
With the solutions of Kinexysmajor corporations, financial institutions and fintechs can streamline the movement of money, improve asset settlement times, unlock liquidity and create new revenue opportunities, the bank noted.
This “It will also help reduce transaction costs — participants can now pay disbursement to counterparties without the need for pre-financing.”“adds the statement.
JPMorgan at the forefront of financial innovation
JPMorgan has been actively exploring technology Blockchain for years to enhance its appetite for traditional financial services, with a focus in more recent years on tokenization, a process that refers to the issuance of real-world versions of assets on the blockchain in the form of tokens.
In late 2023, the Wall Street bank carried out its first collateral settlement transaction based on Blockchain in real time that involved tokenized stocks in a money market fund of BlackRock.
In addition to a blockchain network, the bank also has JPM Coin, and token settlement that allows institutional clients of JPMorgan make wholesale payments in Blockchain between accounts from around the world.
The bank said it plans to continue expanding its product portfolio to Kinexys while hoping to serve an increasing number of customers. Its current client portfolio includes renowned companies Siemens, Ant International y BlackRock.
Article by Hannah Estefanía Pérez / DailyBitcoin
Edited image of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.
