JP Morgan has announced it is rebranding its blockchain platform Onyx to Kinexys.

The move comes as the bank looks to expand the platform’s capabilities, including introducing foreign exchange services.

The financial institution explained that the name Kinexys is derived from the word ‘kinetic,’ meaning ‘caused by motion.’ The firm said it chose the name to represent its experience of moving money, assets and financial information around the world.

The Onyx blockchain platform was developed by JPMorgan Chase & Co. (JPM) at the end of 2020 as a part of the bank's web3 development strategy, focusing on repo operations settlements.

Umar Farooq, co-head of JP Morgan Payments, announced the rebranding at the Singapore Fintech Festival on Thursday.

“Together with our clients, we aim to move beyond the limitations of legacy technology and realisze the promise of a multichain world,” Farooq explained. “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.”

Clients using Onyx are able to transfer money across borders past the close of markets, tokenize assets, and exchange and validate financial data.

Since inception, the platform has exceeded $1.5 trillion in notional value, processing an average of more than $2 billion daily in transaction volume according to data from JP Morgan.

JP Morgan also said it had seen growth in payment transactions of 10x year-over-year, with the technology executing some of the largest repo transactions on any blockchain globally and serving clients across five continents.

In terms of product expansion, Kinesys will add foreign exchange (FX) capabilities to Kinexys Digital Payments, which was formerly called JPM Coin System.

Kinesys Digital Payments will integrate with JP Morgan FX Services to enable FX settlement on chain, initially in USD and EUR, with plans to expand to more currencies in the future.

Clients will be able to execute near real-time FX transactions and settlement by connecting to the J.P. Morgan global FX platform by the first quarter of 2025, with the integration aiming to reduce FX settlement risk and speed up trade settlements.

This new technology also aims to lay the groundwork for future automation of 24/7 near real-time multicurrency clearing and settlement, based on client-defined instructions.

Additionally, JP Morgan announced the launch of a proof-of-concept (POC) from Kinexys Digital Assets and Kinexys Labs. This POC demonstrates on-chain privacy, identity and composability.

“We've built our business on a history of innovation, and like the industries we serve, we are always evolving,” added Farooq. “We are excited for this new chapter and are looking forward to continuously shaping the future of financial services together with our clients.”

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