JPMorgan’s blockchain arm, Kinexys (formerly Onyx), is making waves in the Middle East and North Africa (MENA) by partnering with eight major banks—including Qatar National Bank, Saudi National Bank, and Emirates NBD. This move marks a pivotal step in modernizing the region’s financial infrastructure with blockchain.
Kinexys aims to tackle long-standing issues in cross-border payments and liquidity management. Its Digital Payments platform enables near real-time, 24/7 transaction settlements. Already processing over $2 billion daily, the platform integrates foreign exchange services for seamless, on-chain settlements.
This expansion underlines the growing confidence in blockchain as more than a buzzword—it’s fast becoming a foundational technology for international banking.
Conclusion
Kinexys' expansion signals serious blockchain adoption in traditional finance, especially in regions primed for digital transformation.
Takeaways
8 major MENA banks adopt Kinexys blockchain platform
Enhances cross-border payments and liquidity
Real-time settlement enabled via on-chain FX
JPMorgan processes $2B+ daily on Kinexys
Source: The Block
