Onyx by JPMorgan: Inside the Bank’s Blockchain Platform

JP Morgan’s institutional blockchain strategy has entered a new chapter as the bank transitions its well-known Onyx platform into a more expansive ecosystem. The move reflects a broader shift in banking, where blockchain is no longer experimental but a core component of cross-border settlement, tokenization, and on-chain payment rails. 

What is Onyx?

While the Onyx name has been widely recognized since its launch in 2020, the bank’s rebranding and technology expansion show how seriously it intends to compete in the emerging digital finance infrastructure market.

This development arrives at a time when global banks are racing to modernize legacy systems. JP Morgan’s blockchain network already handles significant transaction volume, and the updated framework aims to improve settlement speed, interoperability, and real-time FX capabilities.

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Rebranding Onyx and Expanding Its Capabilities

JP Morgan recently rebranded Onyx to Kinexys, a change unveiled during the Singapore FinTech Festival. The bank described the new identity as representing motion and connectivity, aligning with its objective of linking financial systems across multiple blockchains. The shift is not merely cosmetic; it signals an expansion of services that reach beyond internal experimentation.

The original Onyx platform was launched in late 2020 as part of JP Morgan’s broader Web3 strategy, initially focusing on blockchain-based repo settlements. 

A repo, or repurchase agreement, is commonly used by financial institutions to borrow and lend short-term liquidity, and blockchain enables faster settlement and improved transparency.

Over time, Onyx expanded to cover global payments, data exchange, and tokenization workflows. 

Clients use the network to move assets across borders even when traditional markets are closed, a key advantage given the friction of international settlement systems.

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A High-Volume Institutional Blockchain Network

Since launch, the Onyx platform has processed more than $1.5 trillion in notional value and regularly moves over $2 billion in transactions per day. According to statements from JP Morgan, payments activity on the platform grew tenfold year-over-year, demonstrating that institutional adoption is gaining momentum rather than slowing down.

The network is used across five continents and has executed some of the largest repo transactions ever recorded on a blockchain. 

This shows that the system is not simply a pilot program but a core operational component for corporate clients and financial institutions.

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Integrating Foreign Exchange Settlement On-Chain

One of the most notable updates in the rebranded Kinexys platform is the addition of foreign exchange (FX) capabilities. The service will be powered through Kinexys Digital Payments, formerly known as the JPM Coin System. 

JPM Coin is a private, permissioned digital token developed for institutional clients to send and settle payments instantly within the bank’s network.

The upcoming integration with JP Morgan’s global FX platform will enable near real-time settlement for USD and EUR initially, with more currencies expected to be added. 

This is significant because FX settlement typically comes with counterparty risk and delays. An on-chain settlement layer can reduce these risks while accelerating trade execution.

By early 2025, clients will be able to connect directly to JPMorgan’s FX infrastructure to automate multicurrency clearing based on predefined rules without waiting for market hours.

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New Proof-of-Concept for On-Chain Privacy and Identity

JP Morgan has also introduced a proof-of-concept demonstrating advancements in privacy, identity, and composability. In blockchain systems, composability refers to the ability of different applications and services to interact seamlessly with each other, which is essential for creating an interoperable financial ecosystem.

The bank’s approach to privacy includes zero-knowledge-based mechanisms to allow institutions to transact on-chain without exposing sensitive details. 

These technologies are becoming increasingly common in enterprise blockchain environments, especially those involving regulated data and confidential transactions.

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Addressing Confusion Around XCN and JPMorgan

The rapid rise of the XCN token in 2024–2025 created widespread confusion, with many investors mistakenly believing the asset was connected to JP Morgan’s Onyx division. In reality, XCN belongs to a separate decentralized lending protocol that has no affiliation with the bank.

The misinterpretation arose because the token shared the same name as the former Onyx brand. JP Morgan has clarified that its blockchain initiatives are entirely independent of XCN. 

This distinction is important for investors, particularly because institutional blockchain projects typically operate in permissioned environments, while public tokens such as XCN function on open networks like Ethereum.

A Long-Term Strategy for Institutional Blockchain Adoption

JP Morgan’s blockchain roadmap shows a consistent focus on improving global financial infrastructure. 

By prioritizing interoperability, automated settlement, and privacy-preserving technology, the bank aims to bring real-world financial operations into a multichain environment. Whether through repo markets, tokenized assets, or FX settlement, the institution is positioning itself at the center of blockchain-enabled banking.

The evolution of Onyx into Kinexys reflects that traditional financial institutions see long-term value in blockchain—not as a speculative tool, but as a technological backbone for next-generation settlement systems.

FAQs

What is Onyx by JPMorgan?

Onyx was JPMorgan’s institutional blockchain platform, now rebranded as Kinexys to expand global settlement capabilities.

Is JPM Coin a cryptocurrency?

No, JPM Coin is a private digital token used for institutional settlements within JP Morgan’s network.

Does Kinexys support foreign exchange transactions?

Yes, it introduces near real-time FX settlement starting with USD and EUR.

Is XCN related to JP Morgan’s Onyx?

No, XCN is an unrelated decentralized protocol token with no affiliation to JP Morgan.

Why did JP Morgan rebrand Onyx to Kinexys?

The bank wanted a name representing global connectivity and the expanded scope of its blockchain services.