JPMorgan launches onchain intraday repo solution using its bespoke Kinexys blockchain
JPMorgan is moving further into the blockchain space with the launch of a new onchain intraday repo solution. The "cross digital ledger solution" was built with assistance from institutional financial technology firm HQLA-X and digital asset interconnectivity project Ownera.The tool allows repo traders to swap cash held at JPMorgan for securities on the HQLAx platform using blockchain deposit accounts on JPMorgan’s purpose-built Kinexys network, according to the announcement."Repo traders are now able to exchange cash at JPMorgan and collateral at HQLAx intraday, with settlement and maturity times specified to the minute," the firms wrote in a statement on Thursday. "While digital solutions have recently gained market prominence, there is a need for interoperability and precise cash and securities settlement."The tool facilitates the full lifecycle of a repo transaction, from execution to collateral management to settlement. Further, the product connects market participants peer-to-peer using Ownera’s global routers and the open FinP2P protocol.Owners CEO Ami Ben-David said in the statement that the first phase of the solution has already grown to manage up to $1 billion in trading volume per day."The full potential of the solution lies in its scalability as digital solutions gain traction across institutional financial markets,” the companies noted. "Designed from the outset to operate at an industry-wide level, the platform reduces market fragmentation by supporting potential future extension to multiple trading venues, collateral sources, and digital cash instruments — potentially including deposit tokens, stablecoins, and emerging central bank digital money solutions."JPMorgan is perhaps the most advanced U.S. bank in terms of blockchain adoption. The firm has been piloting deposit tokens via Kinexys, including JPMD, a stablecoin-like asset that will support institutional payments on Base.The bank has also partnered with Coinbase on a series of initiatives, including planned features like Chase Ultimate Rewards redemptions using Circle's USDC stablecoin on Base and the ability to link Chase accounts directly to Coinbase.JPMorgan's blockchain business unit, Kinexys (formerly Onyx), houses four main components: Kinexys Digital Payments, a blockchain-based deposit and payments rail; Kinexys Digital Assets, for asset tokenization; Kinexys Liink, a permissioned network for payments information; and Kinexys Labs, the unit's dedicated blockchain research arm.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.