JP Morgan has changed the name of its blockchain-based platform from JPM Coin to Onyx and now to Kinexys. This platform is designed to help with foreign exchange services for customers all over the world. The number of users on this platform has grown very quickly, with payment transactions increasing by 1,000% in just one year.
This growth means that the platform needs to improve its infrastructure and offer new services. The new name, Kinexys, comes from the word “kinetic,” which means movement. The platform allows for fast, secure transactions of money and financial information across the globe. It offers special features like privacy, identity tools, and easy access to working capital.
It can also reduce the costs of transactions for businesses and traders. The platform is able to process around $2 billion in transactions every day, and it has $1.5 trillion worth of assets from derivatives contracts. This growth is happening at the same time as the whole cryptocurrency market is becoming more popular.
Other big banks like Goldman Sachs and BNP Paribas are also using blockchain technology, showing that it is becoming more important for finance.
