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JP Morgan Rebrands Blockchain Platform to Kinexys for Forex Services Launch
Revamped Blockchain Platform for Global Forex Transactions
Enhanced Features and Services
Financial powerhouse JP Morgan has revamped its blockchain-based platform, now known as Kinexys, in preparation for the launch of foreign exchange services to meet the needs of its expanding user base.
Having originated as JPM Coin in 2019 before undergoing a name change to Onyx, the blockchain platform will now enable forex transactions to cater to the growing number of global clients at JP Morgan. The platform has witnessed a significant surge in its user base as payment transactions surged by 1,000% year-over-year, necessitating infrastructure upgrades and the introduction of new services on the network.
New Name, New Offerings
Deriving Kinetic Momentum for Financial Movements
JP Morgan explained that the name Kinexys was inspired by the term “kinetic,” symbolizing the transfer of money, assets, and financial information worldwide. Apart from the name change, the rebranded platform will also introduce features like on-chain privacy, identity tools, and composability-focused tools on its network.
“With state-of-the-art infrastructure, our clients can seamlessly transfer funds across borders beyond market hours, tokenize assets, and validate financial data effortlessly,” stated the announcement from JP Morgan.
Advanced Capabilities and Milestones
Empowering Real-Time Cross-Border Transactions
Kinexys leverages its cutting-edge infrastructure to provide near real-time, 24/7 programmable cross-border transactions and intragroup funding, along with granting access to working capital and reducing transaction costs for developers and traders. The blockchain has successfully processed approximately $2 billion in daily transaction volumes and accumulated $1.5 trillion in underlying assets of derivatives contracts according to the firm’s data.
This development comes amid a revival in the cryptocurrency market and signifies JP Morgan’s commitment to harnessing blockchain technology’s potential for financial services. Other major financial institutions like Goldman Sachs and BNP Paribas have also embraced blockchain, demonstrating the industry-wide adoption of innovative technologies in the realm of finance.
Industry Trends and Future Prospects
Financial Giants Embracing Blockchain Innovation
In a landscape where traditional banks are increasingly incorporating blockchain solutions, the evolution of platforms like Kinexys reflects a broader trend towards digitization and modernization in the financial sector. The emergence of networks like the Canton Network and the DBS Token Services platform further exemplifies the industry’s shift towards leveraging blockchain technology to enhance operational efficiency and unlock new possibilities.
As financial institutions continue to explore the potential of blockchain for a wide range of applications, the future holds promising opportunities for innovation and growth in the ever-evolving landscape of digital finance.
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Edited by Andrew Hayward
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
