2024

Onyx

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JPMorgan is rolling out instant dollar-euro FX settlement on its Kinexys blockchain, with sterling set to follow pending regulatory clearance.
Banking giant <a href="https://crypto.news/tag/jp-morgan/" target="_blank" rel="noopener noreferrer nofollow">JPMorgan</a> Chase &amp; Co. is set to bring foreign exchange settlements for dollar-euro transactions on its <a href="https://crypto.news/tag/blockchain/" target="_blank" rel="noopener noreferrer nofollow">blockchain</a> platform dubbed “Kinexys.”
According to a Bloomberg <a href="http://www.bloomberg.com/news/articles/2024-11-06/jpmorgan-jpm-coin-to-offer-instant-dollar-euro-blockchain-trades" target="_blank" rel="noopener noreferrer nofollow">report</a> on Nov. 6, the system — previously known as Onyx — will leverage JPM Coin, the bank’s digital token integrated into Kinexys. In mid-October 2023, crypto.news reported that JPM Coin, pegged to the U.S. dollar, <a href="https://crypto.news/jpmorgans-digital-token-said-to-handle-1b-in-daily-transactions/" target="_blank" rel="noopener noreferrer nofollow">reached</a> the $1 billion mark in processed daily transactions.
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Naveen Mallela, global co-head of Kinexys, says the bank wants to generate a “new revenue stream from FX spreads” with the blockchain platform. JPMorgan Chase launched Kinexys in 2020 in an effort to facilitate digital payments with JPM Coin, a tokenized version of the U.S. dollar.
Despite JPMorgan’s push in the blockchain space, institutional traders still remain cautious on the technology. As crypto.news earlier <a href="https://crypto.news/less-than-8-of-institutional-traders-believe-in-blockchain-jpmorgan-says/" target="_blank" rel="noopener noreferrer nofollow">reported</a>, a survey of more than 4,000 institutional traders conducted by the bank in early 2024 revealed that only 7% considered blockchain a promising asset for the next three years.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/jpmorgan-launches-new-tokenization-platform/"> JPMorgan launches new tokenization platform </a>

JPMorgan to launch dollar-euro FX settlements via Kinexys blockchain

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