Marex becomes ‘first’ clearing company to use JPMorgan’s Kinexys -Blockchain for settlements

Financial service provider Marex has become the “first clearing company” to use Bankgigant JPMorgan’s Kinexys Blockchain platform for customer settlements, together with Hedeshonds Brevan Howard Digital to process the clock on payments.

With the partnership, Marex established Marex can use Kinexys Digital Payments’ blockchain Deposit accounts, according to a more streamlined processes with customers, according to a rack published on Wednesday.

Kinexys enables Marex and Brevan Howard Digital to settle “payments immediately, to reduce the settlement risk, the time and costs, while the same security levels are maintained as traditional payment settlement rails, noted the statement.

Peter Chung, head of research at Presto Labs, said Decrypt The integration is “Another example of Tradfi companies that experiment with blockchain infrastructure to improve outdated settlement systems.”

“Most likely it will not bring material benefits for anyone,” said Chung, “but getting a foot in the door and building expertise in technology will be what winners separates from losers in the medium to long term.”

“All financial companies that do not want to end up as a blockbuster must wet their feet,” he added.

Launched as JPM Coin in 2019 and later renamed Onyx, the platform was renamed kinexys In 2024 as part of JPMorgan’s wider push in programmable blockchain-based financial infrastructure.

The platform enables counterparties to facilitate immediate, programmable settlements in almost real-time with the help of blockchain deposit accounts.

In contrast to public block chains, Kinexys works on a permitted ledger, so that only approved participants can validate transactions and have access to network data.

“The Kinexys platform makes it possible for 24/7 settlement within a closed-run ecosystem where all participants, including companies such as Brevan Howard, its customers and liquidity providers, have to keep accounts on the platform”, Nitin Gaur, former IBM Blockchain Labs founder/EX-Staten Street Head of Digital Active. Decrypt.

“Although the closed nature of the interoperability system limits with external platforms, Kinexys still represents an important step in the direction of programmable, conditional payments and helps tackle long -term challenges in liquidity and operational efficiency,” he added.

The newest step builds on the broader digital asset strategy of JPMorgan, which has been accelerated in recent months.

In May, the completed his first public blockchain transaction Use of Tokenized American treasury and the interoperability protocol of Chainlink.

JP Morgan announced that last week Chase -card holders can buy crypto On Coinbase from this fall, with plans to have customers exchange reward for USDC in 2026.

In the meantime, CEO Jamie Dimon has been warmed up for some digital assets, saying stablecoins Can do things that traditional cash cannot do, although he Remains skeptical about Bitcoin.