JP Morgan is rebranding its blockchain platform and planning on-chain currency exchange services

Financial company JP Morgan has rebranded blockchain based platform at Kinexys as it prepares to launch foreign exchange services to cater to its growing number of users.

The blockchain platform, launched in 2019 as JPM Coin and later renamed Onyx, will offer currency transactions to serve an expanding list of global clients, JP Morgan said in a statement on Wednesday. The blockchain user base has surged as payment transactions grew 1,000% year-on-year, the banking giant said, leading to the need for improved infrastructure and new services on the network.

According to JP Morgan, the name Kinexys comes from the word “kinetic,” which refers to the movement of money, assets and financial information around the world. The renamed platform will also offer features such as online privacy, identity and layout-focused tools on its network.

“With advanced infrastructure, our customers can easily move money across borders after markets close, tokenize assets, and seamlessly exchange and verify financial data,” it said.

Kinexys leverages this infrastructure to offer programmable, near-real-time, 24/7 cross-border transactions and intercompany financing, while also providing access to working capital and reducing transaction costs for builders and traders, the company said.

According to the company, the blockchain has been able to process approximately $2 billion in daily transaction volumes, as well as accumulate $1.5 trillion in underlying assets of derivative contracts. These gains come as a result of the cryptocurrency market’s resurgence in recent months.

However, JP Morgan is not the only major bank to embrace blockchain technology. Last year, more than two dozen financial institutions, including Goldman Sachs and BNP Paribas, launched the program Cantonese networkblockchain-based real asset tokenization platform. Meanwhile, Singaporean bank DBS earlier this month unveiled its eponymous Token Services platform, which offers a suite of tools based on blockchain technology.

Edited by Andrew Hayward