JPMorgan recently announced that it will rename its own blockchain Onyx to Kinexys, and plans to launch on-chain foreign exchange settlement services for U.S. dollars (USD) and euros (EUR) in the first quarter of 2025, which can be used 24 hours a day. Run automated settlements across multiple currencies.
Onyx changes its name to Kinexys and continues to promote RWA
JPMorgan Chase renamed its own blockchain Onyx to Kinexys this time and emphasized that it is still committed to promoting the tokenization of real assets (RWA). JPMorgan Chase stated that the purpose is to break through the limitations of traditional technology, connect multiple chains to each other, and create an ecosystem that can promote the interoperability of different financial systems.
On-chain foreign exchange settlement for US dollars and euros will be launched in the first quarter of 2025, 24/7
JP Morgan plans to add on-chain foreign exchange functionality to Kinexys in the first quarter of 2025. It will initially support settlement in U.S. dollars (USD) and euros (EUR), and then gradually expand to other currencies, aiming to allow its global users to conduct 24/7 transactions. 7 Uninterrupted real-time multi-currency settlement throughout the day.
Processed over $1.5 trillion in transactions and continues to grow
Onyx blockchain is a permissioned version based on Ethereum, with the following four main functions:
Liink: Provides information exchange services related to blockchain payments for financial institutions.
Coin Systems: Allows customers to make instant transfers and make cross-border payments using JPM Coin, a stablecoin issued by JPMorgan Chase.
Onyx Digital Assets: Utilizes on-chain technology and smart contracts to support real-time asset settlement transactions.
Blockchain Launch: The technology unit responsible for developing and commercializing new applications, including platform development, proof of concept, early application testing and final commercial launch.
Since the founding of Onyx (now Kinexys) in 2020, JPMorgan Chase stated that the cumulative trading volume currently exceeds US$1.5 trillion, and the average daily trading volume exceeds US$2 billion, including intraday repurchases, cross-border payments, etc. Users are spread across five continents around the world, such as Germany's Siemens, BlackRock and Ant International. JPMorgan Chase even said that payment transactions on Kinexys increased 10 times compared with last year.
(RWA｜JP Morgan Onyx blockchain realizes killer application of traditional finance)
This article JP Morgan Blockchain Onyx officially changes its name to Kinexys: New on-chain foreign exchange settlement, transaction volume reaches 1.5 trillion Mg appeared first on Chain News ABMedia.