Kinexys
Kinexys is the blockchain business of J.P. Morgan, with payment and digital asset platforms for institutional clients. A blockchain is a shared transaction record that participating computers maintain and verify. The platforms give corporate treasury teams a way to transfer money and settle asset transactions using records that can be updated across participants.
Kinexys lets eligible companies move bank deposits through blockchain-based accounts and automate payment instructions. The payment service supports transfers outside ordinary banking hours, which helps treasury teams manage money across time zones. Kinexys also develops systems for representing assets digitally and transferring them between approved participants.
Blockchain payment infrastructure from J.P. Morgan
J.P. Morgan operates Kinexys as a blockchain platform for institutional clients. The products of Kinexys are JPM Coin, Blockchain Deposit Accounts, Kinexys Fund Flow and Kinexys Digital Assets, a private asset platform with permissioned access. Liink, a permissioned network for exchanging payment information between banks, is also part of Kinexys. The unit took its current name in late 2024, and J.P. Morgan says the name comes from "kinetic." By the bank's own figures, Kinexys handles more than 7 billion dollars in transactions on an average day.
JPM Coin and deposit tokens
JPM Coin is, according to J.P. Morgan, "a deposit token issued on the Layer 2 Ethereum network Base." The bank calls it "programmable, bank-backed digital money": each token is a deposit at J.P. Morgan. JPM Coin runs on a public blockchain, but only vetted counterparties transact, and it settles 24 hours a day, every day of the year. JPM Coin is available in US dollars for institutional clients. The tokenized deposits page compares deposit tokens with stablecoins.
In June 2023 the unit, then still named Onyx, added euro payments, and Siemens made the first euro transaction, Cointelegraph reported.
Tokenized funds and collateral
In a pilot described by Ondo Finance, Ripple redeemed tokenized US Treasuries on the XRP Ledger, and Kinexys paid out the dollars from the Ondo blockchain deposit account at J.P. Morgan. The bank also runs the Kinexys Tokenized Collateral Network, which transfers ownership of collateral without moving the assets in the underlying ledgers. The tokenized collateral page explains why that saves time in margin calls.
Upcoming payments and digital money events
Payments & Digital Money
Investment & Digital Assets
What is Kinexys?
Kinexys, called Onyx until late 2024, is the blockchain business of J.P. Morgan. Kinexys issues JPM Coin and runs blockchain deposit accounts for institutional clients.
Is Kinexys on Ethereum?
JPM Coin is issued on Base, a layer 2 network of Ethereum; Kinexys Digital Assets is a private-permissioned platform.
Does Kinexys have a coin?
JPM Coin is a deposit token that J.P. Morgan issues to vetted institutional clients. Each token is a US dollar deposit at the bank.
Bank money on blockchains
Tokenized assets
Kinexys and Finance Loop
Finance Loop covers deposit tokens and stablecoins in the Payments & Digital Money track.
Finance Loop and Venturebloxx published The Future of Money in Europe, a report with perspectives from J.P. Morgan Kinexys, Euroclear, the Banque de France and Fnality.
Finance Loop is a professional network supporting the institutional use of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.