JPMorgan Chase & Co Set to Launch Instant FX Settlement with Kinexys Blockchain Platform
JPMorgan Chase & Co is gearing up to introduce instant foreign exchange (FX) settlement between the US dollar and euro in early 2025, leveraging its newly rebranded blockchain platform Kinexys.
The bank’s plan includes extending the service to incorporate British pound sterling in future phases, a move that signifies a major advancement in digital payment infrastructure. This announcement comes as the bank rebrands its blockchain unit Onyx to Kinexys, showcasing the platform’s evolution and expanding capabilities.
Unveiled by Umar Farooq, co-head of J.P. Morgan Payments, at the Singapore Fintech Festival, the rebranding marks the next chapter for the bank’s blockchain business unit. The platform has already processed over $1.5 trillion in notional value and handles more than $2 billion in daily transaction volumes.
Kinexys will integrate with J.P. Morgan FX Services to enable near real-time currency conversions and settlement, significantly reducing FX settlement risk and accelerating trade settlements through blockchain technology.
Farooq emphasized, “Together with our clients, we aim to move beyond the limitations of legacy technology and realize the promise of a multichain world.” Major global players like Siemens, Ant International, and BlackRock have already been attracted to the platform.
The name Kinexys, derived from ‘kinetic’, symbolizes motion, reflecting the platform’s mission of moving money, assets, and financial information with unprecedented efficiency. The platform has experienced remarkable growth, with transaction volumes increasing tenfold year over year, serving clients across five continents.
Key developments of the platform include near-instant FX settlement between USD and EUR launching in Q1 2025, future expansion to include GBP, 24/7 programmable cross-border transaction capability, enhanced intra-group funding without pre-funding requirements, and a new proof-of-concept focusing on on-chain privacy and identity.
Operating continuously with only a brief three-hour maintenance window on Saturdays, Kinexys provides near-constant availability for global transactions. Farooq emphasized, “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.”
In addition to its FX capabilities, Kinexys continues to explore advanced privacy measures through its Digital Assets and Labs Privacy Proof of Concept, aiming to improve digital asset access and streamline identity management for tokenized assets at scale.
With a proven track record of processing transactions worth $1.5 trillion and ambitious expansion plans, Kinexys represents a significant advancement in blockchain technology adoption for financial institutions and corporations seeking modern payment solutions. The platform is well-positioned to accelerate the mainstream adoption of blockchain in financial services.
