JPMorgan Rebrands JPM Coin, Adds Blockchain Foreign Exchange Services

The bank plans to offer instant dollar-euro settlement via its internal blockchain.

JPMorgan has rebranded its internal blockchain platform Onyx to Kinexys and renamed JPM Coin to Kinexys Digital Payments. The bank also said it plans to offer instant dollar-euro settlement via its blockchain, which it says will help customers speed transactions and reduce settlement risk.

Banks including JPMorgan have been experimenting ways to use blockchain, though most efforts are still early and haven’t generated sizable revenues. JPMorgan’s new capability will add a revenue source by collecting a spread on foreign exchange conversions done through its blockchain, a JPMorgan executive told Bloomberg.

The bank’s blockchain already processes more than $2 billion in average daily transaction volume, with companies including Siemens, Ant International and BlackRock using it to make cross-border payments and other needs.