JPMorgan’s Kinexys to enable instant dollar-euro FX settlements
Currently processing over $2 billion daily, the platform is expected to drive wider blockchain adoption and increase revenue through FX spread and liquidity management fees.
JPMorgan Chase has revealed that its blockchain-based Kinexys platform, previously known as Onyx, will soon allow instant foreign exchange (FX) settlements between the dollar and the euro. The new service is set to launch in the first quarter of 2025, with plans to extend to sterling transactions in the future, pending regulatory approval. Using JPM Coin, the bank’s digital token, the platform provides 24/7 near-instant settlements, making cross-border transactions quicker and more efficient.
The announcement, made at the Singapore Fintech Festival, highlighted Kinexys’ potential to transform international finance by enabling real-time FX settlements, even beyond traditional market hours. The platform is already handling over $2 billion in daily transactions, and the new FX capabilities could encourage more firms to adopt blockchain for global payments. Alongside reducing settlement times, Kinexys aims to increase revenue for JPMorgan through fees on FX spreads and liquidity management.
JPMorgan envisions Kinexys as a key part of a larger blockchain-powered financial ecosystem that could simplify global finance by reducing reliance on traditional banking systems. The platform’s planned expansion includes privacy measures and identity management, further supporting secure digital asset transactions as the bank aims to modernise finance with Kinexys.
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