What is Kinexys by J.P. Morgan?

Kinexys is J.P. Morgan's blockchain business, which runs payment and asset services on blockchains for banks, corporations and investment firms. J.P. Morgan renamed the unit from Onyx to Kinexys on November 6, 2024, at the Singapore Fintech Festival. The name is drawn from "kinetic," a nod to moving money, assets and data. Kinexys is not a consumer app, and individuals cannot sign up for it.

What does the Kinexys blockchain do?

Kinexys runs several lines of business. The main ones are:

• Kinexys Digital Payments. The former JPM Coin system, launched in 2019, which moves dollars and euros between J.P. Morgan clients around the clock, with programmable payments and on-chain currency exchange.
• Kinexys Digital Assets. A permissioned blockchain platform for tokenizing assets and using them, for example as collateral or in fund records. Kinexys Fund Flow, launched in 2026, records fund investor and transaction data on it.
• Kinexys Liink. The former Interbank Information Network, launched in 2017, which lets banks share payment information with each other. J.P. Morgan lists a related Confirm service that uses network data to improve payment outcomes.

J.P. Morgan says Kinexys has processed over $4 trillion in transactions since 2015, with about $7 billion in average daily volume, based on its internal data cited in October 2026.

What is JPMorgan's JPMD deposit token?

JPM Coin, ticker JPMD, is a US dollar deposit token. J.P. Morgan describes it as a digital form of a bank deposit on a public blockchain. It became available to institutional clients on Base, an Ethereum layer 2 network, after an announcement on November 12, 2025, and on Ethereum itself in October 2026. Clients can send it between Ethereum-compatible wallets with near-instant settlement at any hour. Early test participants included B2C2, Coinbase and Mastercard.

How is a JPMorgan deposit token different from a stablecoin?

A deposit token is a claim on a regulated bank, recorded on a blockchain. A stablecoin such as USDC is usually issued by a non-bank firm and backed by a separate pool of reserves. That gives deposit tokens a different legal and risk profile, and JPMD is limited to J.P. Morgan's institutional clients rather than open to anyone with a wallet. Our guide on what is a tokenized deposit explains the difference in detail, and what is a stablecoin covers the other side.

Why does Kinexys matter for crypto?

Kinexys is one of the largest live uses of blockchain inside a bank. In April 2026 J.P. Morgan said BMW Group, FirstRand Bank and Mitsubishi Corporation were using its programmable payments, and that B2C2 and Siemens were using its on-chain FX payments, which settle currency swaps in dollars and euros. The unit is led by Oliver Harris as Head of Kinexys, as of November 2026.

It also shows a large bank using both private and public blockchains. Its own Digital Assets platform is permissioned, while JPMD runs on public networks such as Base. The trade-offs between these two designs are explained in public vs private blockchains.