The biggest bank in the US is expanding its foray into digital assets and is now reportedly settling blockchain transactions outside of its proprietary networks.
JPMorgan Chase has announced that it has settled its first transaction on a public ledger using oracle service Chainlink (LINK) and tokenization-focused platform Ondo Finance (ONDO), Fortune reports.
The transactions mark the first time JPMorgan has ventured beyond its private blockchain tech, which it was previously developing exclusively for customer use.
Says Chainlink co-founder Sergey Nazarov,
“This is not just another POC (proof of concept)… This is the beginning of something big.”
Nelli Zaltsman, head of JPMorgan’s blockchain division called Kinexys, said that the move into public networks is something that has been in the making for years, telling Fortune that she met Chainlink’s Nazarov at a conference two years ago and has remained in conversation ever since.
Kinexys, which rebranded from Onyx late last year, is meant to allow “leading corporations, financial institutions and fintechs [to] streamline money movement, improve asset settlement times, unlock liquidity and create new revenue opportunities,” the bank says.
According to a November 2024 announcement, Kinexys had processed $1.5 trillion in transaction volume since its inception and had experienced over 10x growth in payments transactions.
At time of writing, LINK and ONDO are up 24% and 21% on the week, respectively.
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