- Marex became the first clearing firm to use JPMorgan‘s Kinexys blockchain platform for client settlements, working with Brevan Howard Digital.
- The partnership allows 24/7 payments through blockchain-based deposit accounts.
- The Kinexys platform enables instant settlements, reducing risk, time, and costs while maintaining traditional security standards.
- Kinexys operates on a permissioned, or restricted, blockchain ledger open only to approved users.
- JPMorgan has expanded its digital asset initiatives, including enabling crypto purchases for Chase cardholders on Coinbase and using blockchain technology for tokenized U.S. Treasuries transactions.
Financial services company Marex has started using JPMorgan‘s Kinexys blockchain platform to handle its client settlements, according to an announcement made Wednesday. The move comes through a partnership with the hedge fund Brevan Howard Digital, allowing the firms to process payments at any time of day, including weekends.
By using Kinexys Digital Payments, Marex can utilize blockchain-based deposit accounts to streamline transactions with clients. The company said this setup reduces settlement time and risk while lowering costs. According to an official statement, Kinexys provides the same level of security as traditional payment systems, but with faster, programmable settlements.
Peter Chung, head of research at Presto Labs, told Decrypt that the integration “is another example of TradFi firms experimenting with blockchain infrastructure to improve outdated settlement systems.” He noted, “Most likely it won’t generate material benefits for anyone immediately, but getting a foot in the door early and building expertise in the technology will be what separates winners from losers over the medium to long run.”
The Kinexys platform, originally launched as JPM Coin in 2019, was later rebranded to Onyx and renamed Kinexys in 2024 as part of JPMorgan’s strategic shift toward programmable, blockchain-based financial services. Permissioned ledgers like Kinexys allow only invited members to approve transactions or view data, making them different from public blockchains.
Nitin Gaur, former IBM Blockchain Labs founder, explained to Decrypt that Kinexys enables settlements “within a closed-loop ecosystem where all participants…must hold accounts on the platform.” He added, “While the closed nature of the system limits interoperability with external platforms, Kinexys still represents an important step toward programmable, conditional payments and helps address long-standing challenges in liquidity and operational efficiency.”
JPMorgan has recently accelerated its digital asset activities. In May, the bank completed its first public blockchain transaction using tokenized U.S. Treasuries and ChainLink’s interoperability protocol. Last week, the company announced that Chase cardholders would be able to purchase cryptocurrency on Coinbase beginning in the fall, with plans to allow rewards point redemptions for USDC in 2026.
Chief Executive Officer Jamie Dimon recently stated that stablecoins—digital currencies tied to assets like the U.S. dollar—offer benefits not available with traditional cash, though he remains skeptical about Bitcoin.
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