Clearing firm Marex makes history by implementing JPMorgan's Kinexys blockchain system for settlement purposes.
In a significant move, financial services firm Marex has partnered with JPMorgan's Kinexys blockchain platform, marking the pioneering establishment of real-time, programmable settlement infrastructure for institutional clients. This collaboration enables 24/7 programmable payments, automates operational workflows, and eliminates settlement delays traditionally seen in legacy systems.
The partnership with hedge fund Brevan Howard Digital, announced earlier, is not repeated in this latest move by JPMorgan. The Kinexys platform, previously known as Onyx, was renamed Kinexys in 2024 as part of JPMorgan's broader push into programmable blockchain-based financial infrastructure.
The Kinexys platform operates on a permissioned ledger, allowing only approved participants to validate transactions and access network data. This closed-loop ecosystem includes firms like Brevan Howard, its clients, and liquidity providers, all of whom must hold accounts on the platform.
Peter Chung, head of research at Presto Labs, believes that getting a foot in the door early and building expertise in the technology will separate winners from losers over the medium to long run. The integration of Kinexys is another example of traditional finance (TradFi) firms experimenting with blockchain infrastructure to improve outdated settlement systems.
JPMorgan's digital asset strategy has accelerated in recent months. In May, the bank completed its first public blockchain transaction using tokenized U.S. Treasuries and Chainlink's interoperability protocol. The bank also announced that Chase cardholders can buy crypto on Coinbase starting this fall, with plans to let customers redeem reward points for USDC in 2026.
The significance of Marex's partnership lies in its potential to catalyse institutional adoption of programmable, blockchain-based payment and settlement solutions. JPMorgan’s institutional credibility is widely recognised as accelerating broader industry adoption of real-time digital financial infrastructure.
By supporting near-instant, atomic settlement cycles (T+0), the platform aligns traditional finance with the continuous, real-time nature of crypto markets. This sets a precedent likely to reshape expectations around settlement speed and efficiency in institutional finance.
The platform leverages programmable money capabilities, embedding payment logic and conditions directly into transactions. This coherent execution reduces risks inherent in asynchronous legacy systems by guaranteeing atomicity and transparency of settlements.
In sum, Marex's partnership with JPMorgan's Kinexys platform exemplifies a critical shift toward institutional-grade programmable, real-time settlement infrastructure. This reflects growing institutional demand for faster, automated, and highly secure settlement ecosystems that integrate blockchain’s programmability and resilience with established financial workflows.
[1] Source: JPMorgan Press Release [2] Source: Presto Labs Research Report [3] Source: Chainalysis Blog Post
- Marex, in a notable stride, has partnered with JPMorgan's renamed Kinexys blockchain platform, setting the stage for real-time, programmable settlement infrastructure for institutional clients.
- Kinexys, previously known as Onyx, was rebranded in 2024 as part of JPMorgan's broader push into programmable blockchain-based financial infrastructure.
- The Kinexys platform, operating on a permissioned ledger, only allows approved participants to validate transactions and access network data.
- JPMorgan's digital asset strategy has gained momentum, with recent moves like its first public blockchain transaction using tokenized U.S. Treasuries and Chainlink's interoperability protocol.
- Peter Chung, head of research at Presto Labs, posits that early adoption and expertise in technology will distinguish winners from losers in the long run.
- JPMorgan's partnership with Marex has the potential to spur institutional adoption of programmable, blockchain-based payment and settlement solutions.
- By supporting near-instant, atomic settlement cycles, the platform bridges the gap between traditional finance and the continuous, real-time nature of crypto markets.
- The platform's programmable money capabilities embed payment logic and conditions directly into transactions, reducing risks inherent in legacy systems and enhancing settlement efficiency.
