JPMorgan Chase aims to break through technical limitations to achieve a multi-chain world, renaming Onyx to Kinexys to increase RWA tokenisation support

On 7 November, JPMorgan Chase reportedly rebranded its tokenisation and blockchain-focused Onyx unit as Kinexys, ramping up its real-world asset tokenisation (RWA) efforts. JPMorgan will launch on-chain FX functionality as early as Q1 2025, with plans to automate multi-currency settlements around the clock. 
Umar Farooq, Co-Head of Payments at JPMorgan Chase, said, ‘Our goal is to go beyond the limitations of legacy technologies to realise the promise of a multi-chain world. Our goal is to foster a more interconnected ecosystem that disrupts disparate ecosystems. Tokenisation of real-world assets (RWAs), such as traditional financial instruments, has been a fast-growing area of blockchain technology, with large banks increasingly involved. JPMorgan has been one of the early leaders in tokenisation with Onyx and its settlement technology based on the JPM Coin blockchain.’
Since its inception in 2020, JPMorgan's blockchain business has executed more than $1.5 trillion in transactions, such as intraday repo and cross-border payments, and has processed more than $2 billion per day on average. Its users include global corporations such as Siemens, BlackRock, and Ant International. ‘Automation of 24/7, near real-time multi-currency settlements’ will be offered initially for the U.S. dollar and euro, with plans to expand to other currencies. ‘As transaction volumes, customer adoption and product expansion continue to grow, we are poised to accelerate the adoption of blockchain technology and tokenisation in mainstream financial services.’