Kinexys is J.P. Morgan’s blockchain business. It runs a set of financial infrastructure services for banks, companies and other institutions: moving money on a shared ledger, issuing and managing tokenized assets, and exchanging payment information between banks. Until late 2024 the same business was called Onyx.
It is not a coin you can buy on an exchange, and it is not one public blockchain. Think of it as a bank division with several products, some private and some that now touch public networks.
What Is Kinexys and Why Did Onyx Change Its Name?
J.P. Morgan announced the switch from Onyx to Kinexys on 6 November 2024. The rebrand announcement also renamed the products underneath it, so older articles that mention Onyx or the JPM Coin System are describing parts of what is now Kinexys.
The name is new. The work is not. The bank’s own timeline starts with a Blockchain Center of Excellence in 2015, the Interbank Information Network in 2017, JPM Coin in 2019, and the Onyx grouping plus a digital assets launch in 2020. Those milestones carry today’s names on the bank’s history page, but the Kinexys brand itself dates from 2024.
If the shared-ledger idea is new to you, our guide to how blockchain technology works covers the basics first.
The Main Kinexys Services Compared
Most of what Kinexys does falls into three jobs: moving money, representing assets, and checking payment information.
| Kinexys service | What it does | Who it is for |
|---|---|---|
| Kinexys Digital Payments (formerly the JPM Coin System) | A permissioned payment rail and deposit ledger. Clients move funds held with J.P. Morgan through Blockchain Deposit Accounts. | Institutional clients of the bank |
| JPM Coin (ticker JPMD) | A USD deposit token issued by the bank and used on public chains, first Base and later Ethereum. | Vetted institutional counterparties |
| Kinexys Digital Assets | A tokenization platform to create, transfer and administer digital assets and connect them to existing cash and settlement systems. | Institutional clients |
| Kinexys Liink and Confirm | A permissioned network for exchanging payment information. Confirm checks account status and ownership before a payment is sent. | Participating banks |
How Kinexys Digital Payments and Blockchain Deposit Accounts Work
Digital Payments grew out of the original 2019 JPM Coin system. It gives J.P. Morgan clients Blockchain Deposit Accounts, which hold ordinary deposits but record and move them on the bank’s own ledger.
The point is speed and control. A treasury team can start a payment, have it settle in near real time inside the network, and set treasury rules in code so routine transfers run on their own. The bank lists API, SWIFT and its own interfaces as ways to connect.
One detail matters. Transfers between accounts on the network run continuously, but money going to or from a traditional bank account still uses traditional rails, and the product page lists a Saturday downtime for those transfers.
A concrete example: on 14 April 2025 J.P. Morgan announced GBP Blockchain Deposit Accounts through its London branch. LSEG’s SwapAgent and Trafigura were named as the first clients to open them. That tells you the target user. These are corporate and market-infrastructure accounts, not personal savings accounts.
Kinexys JPM Coin Explained: From Private Ledger to Base and Ethereum
JPM Coin is where most confusion starts, because the name has covered two different things.
- 2019: the original JPM Coin system launched as a private, permissioned way to move client deposits.
- 2024: that system was renamed Kinexys Digital Payments.
- 12 November 2025: J.P. Morgan made a USD deposit token, JPM Coin with the ticker JPMD, available to institutional clients on Base, the public network, after a proof of concept.
- 19 October 2026: the bank announced JPM Coin was also live on Ethereum.
J.P. Morgan describes today’s JPM Coin as a bank-issued deposit token, not a stablecoin and not a cryptocurrency. Each token represents a deposit at the bank. Running on a public chain does not make it open to anyone. Only counterparties the bank has vetted can hold and use it.
That is the main difference J.P. Morgan draws: the token is a bank deposit, and participation is limited to vetted counterparties. For the business side of stablecoins, see our explainer on stablecoins and business liquidity.
Kinexys Digital Assets and Tokenization
Kinexys Digital Assets is the bank’s tokenization platform. It lets institutions create a digital version of an asset, transfer it and handle the administration, while linking those on-chain records to the cash and settlement systems they already use.
Tokenization changes how an asset is recorded and moved. It does not change what the asset is worth, and it does not by itself make an asset easier to sell.
Kinexys Liink and Confirm: Checking Payment Details First
Not every Kinexys product moves money. Liink is the information side. Its Confirm service checks that an account exists, is active and belongs to the named owner before a payment goes out, using a permissioned peer-to-peer exchange between participating banks.
Who Can Use Kinexys
Kinexys is built for institutions. Access depends on the specific service, the country and J.P. Morgan’s own approval, and the bank’s product pages do not guarantee the advertised benefits. There is no retail app and no token for individuals to buy.
One more name you may see next to it: Partior. It is a separate company, founded in 2021 by J.P. Morgan, DBS and Temasek after work on Project Ubin, and it builds cross-border payment technology. It is related through its founders, but it is not another name for Kinexys.
For the official product list and current service details, start with the Kinexys overview on J.P. Morgan’s site.
Featured image: 270 Park Avenue, January 2025. Photo: Kidfly182, Wikimedia Commons, CC BY 4.0, unmodified.
Kinexys FAQ
Is Kinexys the same as Onyx?
Yes. Kinexys is the new name for the J.P. Morgan blockchain business that was called Onyx until the rebrand was announced on 6 November 2024.
Is JPM Coin a stablecoin?
J.P. Morgan describes JPM Coin as a bank-issued USD deposit token, not a stablecoin or a cryptocurrency. Each token represents a deposit held at the bank.
Can individuals buy JPM Coin or use Kinexys?
No. Kinexys and JPM Coin are for institutional clients that J.P. Morgan has vetted and approved. There is no retail app or token for individuals to buy.
Which blockchains does JPM Coin run on?
JPM Coin became available to institutional clients on Base on 12 November 2025, and J.P. Morgan announced it was also live on Ethereum on 19 October 2026.
What does Kinexys Liink do?
Liink exchanges payment information between banks. Its Confirm service checks that an account is active and belongs to the named owner before a payment is sent.
Is Partior part of Kinexys?
No. Partior is a separate company founded in 2021 by J.P. Morgan, DBS and Temasek to build cross-border payment technology.
