Financial services firm JP Morgan has rebranded its blockchain-based platform Kinexys, as it prepares to launch foreign exchange services to serve a growing number of users.
Launched as JPM Coin in 2019 and later renamed Onyx, the blockchain platform will offer foreign exchange transactions to serve its growing list of global clients, JP Morgan said in a statement on Wednesday. Blockchain’s user base has soared as payment transactions increased 1,000% year-over-year, the banking giant said, requiring improved infrastructure and new services on the network.
According to JP Morgan, the name Kinexys is derived from the word “kinetic”, suggesting the movement of money, assets and financial information across the world. The rebranded platform will also offer features such as privacy-focused tools, identity, and on-chain composability on its network.
“With state-of-the-art infrastructure, our clients are able to easily move money across borders after markets close, tokenize assets, and seamlessly exchange and validate financial data,” indicates the message.
Kinexys leverages this infrastructure to offer 24/7 programmable cross-border transactions and near real-time intra-group financing, the company said, in addition to providing access to working capital and reducing transaction costs for builders and traders.
The blockchain has been able to process approximately $2 billion in daily trading volumes, in addition to amassing $1.5 trillion in assets underlying derivative contracts, according to company data. These gains come as the cryptocurrency market has seen a resurgence in recent months.
JP Morgan is not the only major bank to have adopted blockchain technology, however. Last year, more than two dozen financial institutions, including Goldman Sachs and BNP Paribas, launched Canton Network, a blockchain-based real asset tokenization platform. Meanwhile, Singaporean bank DBS earlier this month unveiled its eponymous token services platform, which offers a suite of tools powered by blockchain technology.
Edited by Andrew Hayward
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