JPMorgan is expanding its alliance with blockchain technology. In a recent development, the U.S.-based bank said it has renamed its blockchain unit originally launched as “Kinexys” to represent the operational roadmap adopted by its Web3. Rebranding brings a range of new financial products and services, with blockchain in the center. This development comes after JPMorgan Chase’s enhanced exploration of the symbolization of real-world assets (RWA).
In the case of expanding the branding, the bank explained that the name “kinexys” is derived from the word “dynamics” and means “caused by movement.”
“This represents the way we move funds, assets and financial information around the world with speed, ease and efficiency. Together with our customers, our goal is to transcend the limitations of older technologies and realize the hope of multiple worlds.”
As of November 2024, JPMorgan Chase reportedly had a market value of 58.517 trillion rupees (approximately US$693.5 billion), making it the 13th most valuable company in the world, divided by market value.
In its statement, the bank asserted that integrating blockchain into its systems has established a secure infrastructure to enable customers to seamlessly transfer cross-border funds, even outside of traditional market time, while also achieving New services related to RWA Tokenisation.
“Low, we will add Forex (FX) functionality to Kinexys Digital Payment (formerly the JPM coin system). We also announced the Proof of Concept (POC) for Kinexys Digital Assets and Kinexys Labs. This POC proves on-chain privacy, Identity and synthetic nature, which will play a big role in our ongoing evolution,” the statement announced.
Over the past two years, JPMorgan’s Onyx initiative has attracted prominent institutional clients including Siemens, Ant International and Blackrock. According to the company, Onyx’s nominal value exceeds US$1.5 trillion (approximately Rs 126,55,856 crore), processing average daily transaction volume exceeds US$2 billion.
“We are further exploring the exploration of privacy, identity and syntheticity in the blockchain ecosystem. Practical privacy measures are essential to improve access to digital assets, and streamlining identity management is essentially related to the potential of large-scale tagging assets. ” JPMorgan pointed out.
In addition to blockchain, New York-based banks are also exploring other Web3 technologies. Despite slowing industry in the meta-region, the bank announced in December that it is looking forward to testing Metaverse’s “immersive training app.”
The bank predicted in May 2022 that as a regulatory oversight of crypto assets, they will eventually merge with traditional finances. In the same year, the bank also explored the launch of crypto wallet services to meet emerging market demand.
