JPMorgan Chase aims to break through technical restrictions and achieve a multi-chain world by renaming Onyx to Kinexys and increasing support for RWAtokenization.

On November 7th, according to CoinDesk, JPMorgan Chase will rename its Onyx department, which focuses on tokenization and blockchain, to Kinexys, and increase its efforts in the tokenization of real-world assets (RWA). JPMorgan Chase is set to launch on-chain forex functionality as early as the first quarter of 2025 and plans to achieve round-the-clock automated multi-currency Settlement. Umar Farooq, Co-President of JPMorgan Chase Payments, said, "Our goal is to go beyond the limitations of traditional technology and realize the promise of a multi-chain world. Our goal is to nurture a more interconnected ecosystem to disrupt different ecosystems like TradFi tools, including the tokenization of real-world assets (RWA), which is a rapidly rising area in blockchain technology, with more and more major banks getting involved. JPMorgan Chase, with its Onyx and blockchain-based Settlement technology using JPM Coin, has become one of the early leaders in the tokenization field." JPM Coin has been renamed Kinexys Digital Payments, and since its establishment in 2020, JPMorgan Chase's blockchain business has executed over $15 trillion in transactions, such as intraday repos and cross-border payments, processing an average of over $20 billion per day. Its clients include global enterprises such as Siemens, BlackRock, and Ant Group. JPMorgan Chase stated that it plans to introduce on-chain forex functionality to the platform as early as the first quarter of 2025, paving the way for "round-the-clock, near real-time automated multi-currency clearing and Settlement." The service will initially be available for the US dollar and the euro, with plans to expand to other currencies. The bank stated, "As volume, client adoption, and product expansion continue to rise, we are prepared to accelerate the adoption of blockchain technology and tokenization in mainstream Financial Services."