Financial institution J.P. Morgan recruits Marex as the clearing agency for settlements on its blockchain network.
JPMorgan, the global financial services giant, has teamed up with Marex Group, a publicly-traded financial services company, and Brevan Howard Digital to innovate decentralized finance (DeFi) by launching real-time, 24/7 blockchain settlements via JPMorgan’s Kinexys Digital Payments platform.
Marex Group, listed on the NASDAQ (MRX), has become the first clearing firm to go live on Kinexys, enabling instant, secure, programmable payments that streamline global trade settlements and reduce traditional settlement risks. Brevan Howard Digital supports this shift by helping automate workflows such as margin calls and collateral adjustments, improving operational efficiency and security in institutional finance.
The Kinexys platform enables continuous, real-time blockchain-based settlements, eliminating delays common in legacy systems like SWIFT and ACH. This initiative is part of JPMorgan’s broader Onyx blockchain strategy to blend traditional finance with emerging decentralized financial technologies.
The system supports institutional needs for faster settlement cycles, aligning with the continuous trading rhythm of crypto markets and reducing settlement risk substantially. It marks a significant milestone in DeFi innovation rooted in trusted institutional partnerships, signaling potential widespread industry adoption of real-time programmable payments.
Since its inception, Kinexys has reportedly processed over $1.5 trillion in transaction volume. The platform was previously known as Onyx, and it has been working with industry peers to aid in the development of a programmable blockchain infrastructure ecosystem. Brevan Howard Digital joined Kinexys last year to contribute to this ambitious project.
Marex Group Plc's Global Head of Futures & OTC Clearing Sales, Terry Hollingsworth, expressed pride in collaborating with Brevan Howard Digital. He stated, "This partnership represents a transformative step in modernizing institutional payment infrastructure through DeFi principles, combining JPMorgan’s scale and credibility with Marex’s clearing expertise and Brevan Howard Digital’s technological support."
JPMorgan’s journey into the blockchain and cryptocurrency space began in 2016 with the launch of their Ethereum-based blockchain platform, Quorum. In 2019, they introduced their own JPM coin, and in 2020, Quorum and JPM coin were merged under one umbrella called Onyx. The system is designed to provide next-generation financial market infrastructure.
Rumors suggest that JPMorgan will start offering crypto-backed loans next year, further demonstrating their commitment to embracing and shaping the future of decentralized finance. This partnership between JPMorgan, Marex Group, and Brevan Howard Digital is a testament to the growing convergence of traditional finance and DeFi, promising a more efficient, secure, and accessible financial system for all.
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