Financial services company JP Morgan has just announced the renaming of its blockchain platform to Kinexys, in the context of preparing to launch foreign exchange (forex) services to meet the growing demand from global users.
Initially introduced under the name JPM Coin in 2019 and later renamed Onyx, this blockchain platform will now provide foreign exchange trading services to serve an expanding list of international clients, JP Morgan stated in an announcement on Wednesday.
The bank also shared that the number of users on the platform has surged as payment transactions grew by 1,000% compared to the same period last year, creating a demand for infrastructure upgrades and the development of new services on the network.
According to JP Morgan, the name Kinexys is inspired by the word "kinetic," suggesting the flow of currency, assets, and financial information on a global scale. This new platform will offer advanced features such as on-chain security, identification tools, and flexible integration across the network.
"With the advanced infrastructure of Kinexys, our clients can easily conduct cross-border transactions outside of trading hours, tokenize assets and exchanges, and seamlessly verify financial data," JP Morgan emphasized in the announcement.
Kinexys leverages this infrastructure to provide programmable near-instant cross-border trading, operating 24/7, alongside intra-group financing, allowing clients to access working capital and reduce transaction costs for builders and traders.
According to data from the company, JP Morgan's blockchain currently processes around 2 billion USD in transaction volume daily and manages a total of 1.5 trillion USD in underlying assets in derivative contracts. This achievement comes amid a strong recovery in the cryptocurrency market recently.
However, JP Morgan is not the only bank applying blockchain technology. Last year, over twenty financial institutions, including Goldman Sachs and BNP Paribas, launched the Canton Network – a platform for tokenizing real assets based on blockchain. At the same time, Singapore's DBS Bank also launched its Token Services platform this month, offering a range of blockchain-supported tools.
Source: https://tapchibitcoin.io/jp-morgan-doi-ten-nen-tang-blockchain-ra-mat-dich-vu-ngoai-hoi-on-chain.html
