JPMorgan has rebranded its blockchain platform, previously known as Onyx, to Kinexys as part of its strategy to enhance real-world asset tokenization capabilities.

The bank plans to introduce on-chain foreign exchange capabilities by the first quarter of 2025, enabling automated, 24/7 multicurrency settlements.

"We aim to move beyond the limitations of legacy technology and realize the promise of a multichain world,” remarked Umar Farooq, co-head of JPMorgan Payments.

"Our goal is to foster a more connected ecosystem to break down disparate systems, enable greater interoperability and reduce the limitations of today’s financial infrastructure.”

JPMorgan, a pioneer in the tokenization of real-world assets (RWAs) through its Onyx division, executed over $1.5 trillion in transactions since its launch in 2020, processing an average of more than $2 billion daily. Major clients include Siemens, BlackRock, and Ant International.

The bank is set to expand its offerings to include additional currencies in the future, aiming to enhance the adoption of blockchain technology in mainstream finance.