One of the largest US banks #JPMorgan has changed the brand name of its blockchain-based platform for asset tokenization Onyx. The reason: to prepare for the launch of a “new payment infrastructure”. The platform will now be called Kinexys.

JPMorgan executives explained that the blockchain platform's user base has grown significantly, with payment transactions increasing by 1000% over the year. According to the bank, since the inception of JPMorgan's blockchain platform, it has processed transactions totaling more than $1.5 trillion, including intraday repos and international payments. On average, the platform has processed more than $2 billion in payments per day.

The blockchain platform launched by the bank was previously called JPM Coin and later renamed Onyx. International companies Siemens, BlackRock, and Ant International have become clients of the platform. Given the demand for tokenization of assets among large banks and financial companies, JPMorgan decided to rebrand the platform.

The name Kinexys comes from the word “kinetic,” the bank explained. The term refers to the movement of money, assets and financial data around the world. The Kinexys team will have to increase privacy on the blockchain and improve data identification, the bankers assured. Kinexys is going to provide access to circulating capital and reduce transaction costs for traders, JPMorgan promised.

JPMorgan Chase CEO Jamie Dimon has repeatedly stated that he does not support cryptocurrencies, calling bitcoin a pyramid scheme. At the same time, Dimon praised the potential of decentralized finance (DeFi) and blockchain, which allows banks to exchange complex information.

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