JP Morgan has officially revealed the scale of its decentralized blockchain platform which was earlier called Onyx, but is now called Kinexys. The rebranding has come at a time when the financial services giants are set to strengthen its infrastructure, and get ready to introduce forex services with the increasing number of international users.
Having been first introduced as JPM Coin in 2019 and then rebranded as Onyx, the blockchain platform has grown considerably; therefore, it is high time to change its appearance and diversify services. As reported by JP Morgan on Wednesday, the new platform will act as a central place where members can conduct foreign exchange deals, thus enhancing the efficiency of cross-border business and the creation of assets and other financial information around the globe.
JP Morgan’s Vision for Kinexys: Tools for On-Chain Privacy, Identity, and Composability
This transition to Kinexys comes after the platform has experienced a stunning increase in the number of users for the payment transactions in the previous year, which has grown by over a thousand percent. This rapid increase shows that there is growing appetite for blockchain-based financial services, as many more clients seek quicker, more efficient means to clear global transactions.
This new name is therefore formed from the word ‘kinetic’ to represent the motion of money, assets and financial information across the world which is the primary working of Kinexys. Specifically, as for Kinexys, founded by JP Morgan, the vision is to create a series of tools so that the clients’ needs may be met in future. The platform will have additional components for on-chain privacy and identification, as well as for the composition of important things businesses need for effective financial management.
“Through cutting-edge infrastructure, our clients are able to easily transfer money across borders past the close of markets, tokenize assets, and seamlessly exchange and validate financial data,” the firm said in the statement.
In Kinexys’ case, a solid facility shall be employed to enable nearly real-time, cross boarder, intragroup transaction, funding, and other intermediate and cross boundary capital movements. These capabilities are endowed to traders and businesses mostly in ways that afford greater working capital freedom as well as lower transactions costs.
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Cryptocurrency Market Resurgence Boosts Kinexys Adoption
Ever since the creation of Kinexys it has proven it could deal with very large financial transactions. Daily transaction volumes stand to be approximately $2 billion, and the platform has most importantly linked up $1.5 trillion in underlying assets in the form of derivative contracts. These milestones demonstrate the platform’s shifting status in the international financial space, especially as the cryptocurrency market has established itself more in recent months.
The decisions made by JP Morgan to move into the forex market through its partnership with Kinexys must be understood in light of similar trends within the overall financial services sector, where blockchain solutions are fast emerging as one of the key components of back-end architectures for cross-border commerce.
JP Morgan is not the first company to adopt blockchain technology. Last year, more than two-dozen of the world’s largest financial institutions such as Goldman Sachs and BNP Paribas launched the Canton Network, a blockchain platform designed to facilitate real-world assets tokenization.
Likewise, Singaporean bank DBS launched its own blockchain-based solution earlier this month in TOKEN Services, through which the bank laid out its plans to offer WTW costs for tokenization and digital asset management tools.
Conclusion
The transition from Onyx to Kinexys means a new radical step in the development of blockchain technology by JP Morgan, focusing on scalability and new financial instruments. Built on innovative infrastructure that continues to evolve, Kinexys is set to revolutionize cross-border transactions and tokenized assets management that strengthens JP Morgan’s position in connecting the conventional and innovation financial markets.
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