Financial services firm Marex has become the “first clearing firm” to use banking giant JPMorgan's Kinexys blockchain platform for client settlements, working with hedge fund Brevan Howard Digital to process payments around the clock.
The partnership enables London-based Marex to utilize Kinexys Digital Payments' blockchain deposit accounts, facilitating more streamlined processes with clients, according to a statement issued on Wednesday.
Kinexys allows Marex and Brevan Howard Digital to "settle payments instantly, reducing settlement risk, time and cost, while maintaining the same security levels as traditional payment settlement rails, the statement noted.
Peter Chung, head of research at Presto Labs, told Decrypt the integration is “another example of TradFi firms experimenting with blockchain infrastructure to improve outdated settlement systems.”
“Most likely it won't generate material benefits for anyone immediately,” Chung said, “but getting a foot in the door early and building expertise in the technology will be what separates winners from losers over the medium to long run.”
"Any financial firms that don't want to end up like Blockbuster will have to start getting their feet wet,” he added.
Launched as JPM Coin in 2019 and later rebranded to Onyx, the platform was renamed Kinexys in 2024 as part of JPMorgan’s broader push into programmable blockchain-based financial infrastructure.
The platform enables counterparties to facilitate instant, programmable settlements in near real-time using blockchain deposit accounts.
Unlike public blockchains, Kinexys operates on a permissioned ledger, allowing only approved participants to validate transactions and access network data.
“The Kinexys platform enables 24/7 settlement within a closed-loop ecosystem where all participants, including firms like Brevan Howard, its clients, and liquidity providers, must hold accounts on the platform,” Nitin Gaur, former IBM Blockchain Labs founder/ex-State Street head of digital assets/entrepreneur, told Decrypt.
“While the closed nature of the system limits interoperability with external platforms, Kinexys still represents an important step toward programmable, conditional payments and helps address long-standing challenges in liquidity and operational efficiency,” he added.
The latest move builds on JPMorgan’s broader digital asset strategy, which has accelerated in recent months.
In May, it completed its first public blockchain transaction using tokenized U.S. Treasuries and Chainlink’s interoperability protocol.
Last week, JP Morgan announced that Chase cardholders can buy crypto on Coinbase starting this fall, with plans to let customers redeem reward points for USDC in 2026.
Meanwhile, CEO Jamie Dimon has warmed to some digital assets, saying stablecoins can do things traditional cash cannot, though he remains skeptical of Bitcoin.
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