【JPMorgan Chase Aims to Break Through Technical Limitations to Achieve a Multi-Chain World, Renaming Onyx to Kinexys to Enhance RWA Tokenization Support】 November 7th, according to CoinDesk's report, JPMorgan Chase is set to rename its Onyx division, focused on tokenization and blockchain, to Kinexys, increasing its efforts in Real World Asset (RWA) tokenization. JPMorgan Chase is planning to launch on-chain foreign exchange functionality as early as Q1 2025 and aims to achieve 24/7 automated multi-currency settlement.JPMorgan Chase's Co-President of Wholesale Payments, Umar Farooq, stated: "We want to go beyond the limits of traditional technology to fulfill the promise of a multi-chain world. Our aim is to nurture a more interconnected ecosystem to break down silos. Tokenization of real-world assets (RWA) such as traditional financial instruments has been a rapidly growing area for blockchain technology, with major banks increasingly getting involved. JPMorgan Chase, through Onyx and its JPM Coin blockchain-based settlement technology, has become one of the early leaders in the tokenization space."JPM Coin has been renamed Kinexys Digital Payments, and since its inception in 2020, JPMorgan Chase's blockchain business has facilitated over $1.5 trillion in transactions, such as intraday repo and cross-border payments, processing an average of over $20 billion daily. Its clients include global enterprises like Siemens, BlackRock, and Ant Group. JPMorgan Chase has announced plans to introduce on-chain foreign exchange functionality to the platform as early as Q1 2025, paving the way for "24/7, near-real-time automated multi-currency clearing and settlement." The service will initially focus on the U.S. dollar and the euro, with plans to expand to other currencies. The bank stated: "As transaction volumes, client adoption, and product expansion continue to grow, we are ready to accelerate the adoption of blockchain technology and tokenization in mainstream financial services."