JPMorgan Chase aims to break through technical restrictions and achieve a multi-chain world by renaming Onyx to Kinexys and increasing support for RWAtokenization.

BlockBeats news, on November 7, according to CoinDesk, JPMorgan Chase will rename its Onyx division, which focuses on tokenization and blockchain, to Kinexys, and intensify its efforts in the tokenization of real-world assets (RWA). JPMorgan Chase is set to launch on-chain forex functionality as early as the first quarter of 2025, with plans to achieve round-the-clock automated multi-currency Settlement. Umar Farooq, Co-Head of JPMorgan Chase Payments, said, “Our goal is to go beyond the limitations of traditional technology and fulfill the promise of a multi-chain world. Our goal is to foster a more interconnected ecosystem to break down different ecosystems. Tokenization of real-world assets (RWA), such as TradFi tools, has been a rapidly rising area in blockchain technology, with more and more major banks getting involved. JPMorgan Chase, with Onyx and its JPM Coin blockchain-based Settlement technology, has become one of the early leaders in the tokenization field.” JPM Coin has been renamed Kinexys Digital Payments, and since its establishment in 2020, JPMorgan Chase’s blockchain business has executed transactions totaling over $15 trillion, including intraday repos and cross-border payments, processing an average of over $20 billion per day. Its users include global enterprises such as Siemens, BlackRock, and Ant Group. JPMorgan Chase stated that it plans to introduce on-chain forex functionality to the platform as early as the first quarter of 2025, paving the way for “round-the-clock, near real-time automated multi-currency clearing and Settlement.” The service will initially be available for the US dollar and the euro, with plans to expand to other currencies. The bank stated, “As volume, client adoption, and product expansion continue to rise, we are prepared to accelerate the adoption of blockchain technology and tokenization in mainstream Financial Services.”