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JPMorgan expands Kinexys blockchain to 8 currencies, says platform has processed $4 trillion

JPMorgan expands Kinexys blockchain to 8 currencies, says platform has processed $4 trillion

Kinexys added five Asia-Pacific currencies to its Blockchain Deposit Account network, with Payoneer and JERA Global Markets among the first users as JPMorgan broadens tokenized bank-deposit settlement.

Fact Check
The official J.P. Morgan Payments newsroom page directly confirms the claim: Kinexys added five Asia-Pacific currencies (AUD, HKD, JPY, RMB, SGD) to its Blockchain Deposit Accounts, enabling 24/7 payments and onchain FX for institutional clients. CoinDesk corroborates the same facts. Both the primary official source and independent reporting align with the claim.
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Summary

JPMorgan said its Kinexys blockchain-based platform now supports eight currencies after adding the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi and Singapore dollar to its Blockchain Deposit Account network. The bank said the platform has processed more than $4 trillion in transactions and handles daily volumes exceeding $7 billion. Kinexys lets institutional clients hold JPMorgan deposits in tokenized form and move them on a bank-operated blockchain for near-instant cross-border settlement within the regulated banking system, without using cryptocurrencies. Payoneer said it plans to use the Australian dollar service for cross-border payment settlement and moving funds between markets, while JERA Global Markets was identified as the first client for the newly added Japanese yen capability. The network was originally built under the Onyx brand before being renamed Kinexys in November 2024.

Terms & Concepts
  • Kinexys: JPMorgan’s blockchain-based platform for institutional payments, settlement and tokenized deposit services.
  • Blockchain Deposit Account: A system in which bank deposits are represented in tokenized form on a blockchain for transfer and settlement.
  • Tokenized deposits: Conventional bank deposits that are digitally represented on a blockchain rather than issued as cryptocurrencies or stablecoins.