Financial services firm JP Morgan has rebranded its blockchain-based platform to Kinexys, as it prepares to launch foreign exchange services to serve a growing number of users. Launched as JPM Coin in 2019 and later renamed to Onyx, the blockchain platform will offer forex transactions to serve its expanding list of global clients, JP Morgan said Wednesday in a statement. The blockchain’s user base has skyrocketed as payment transactions grew 1,000% year-over-year, the banking giant said, leading to the need for infrastructure improvements and new services on the network. According to JP Morgan, the name Kinexys is derived from the word “kinetic,” suggesting the movement of money, assets and financial information across the world. The renamed platform will also offer features including on-chain privacy, identity, and composability-focused tools on its network. “Through cutting-edge infrastructure, our clients are able to easily transfer money across borders past the close of markets, tokenize assets, and seamlessly exchange and validate financial data,” the post reads. Kinexys leverages that infrastructure to offer near real-time, 24/7 programmable cross-border transactions and intragroup funding, the firm said, in addition to providing access to working capital and reducing transaction costs for builders and traders.

Full report : Previously called Onyx, JP Morgan has refreshed its blockchain network under the Kinexys name as it rolls out new infrastructure and capabilities.