JPMorgan Appoints Kara Kennedy as Co-Head of Kinexys Global
(Background: JPMorgan: A market capitalization of $2 trillion for stablecoins in three years is too optimistic; $500 billion is more realistic)
(Additional Context: Not a fan of stablecoins? JPMorgan: European and Singaporean regulators prefer “tokenized deposits” – an analysis of the underlying reasons)
Personnel Arrangement in Blockchain Finance
JPMorgan has announced the appointment of senior banker Kara Kennedy as the Co-Head of the Kinexys blockchain division, effective in early August this year. Kennedy previously oversaw digital asset products in JPMorgan’s securities services, and is well-acquainted with tokenized bank deposits and development.
Following this, Kara Kennedy will collaborate with Naveen Mallela, with Kennedy focusing on asset tokenization and Kinexys Labs, while Mallela continues the payment business. This move signifies JPMorgan’s transition of its blockchain strategy from experimentation to a dual-track commercial approach, promoting programmable settlement on one hand and expanding cross-border payments on the other.
Accelerating Tokenization and Around-the-Clock Settlement
Kinexys (formerly known as Onyx) completed the first on-chain transfer of JPMD tokens in June this year, transferring dollar deposits from its own digital wallet to Coinbase, demonstrating that bank deposits can directly enter the crypto ecosystem. The bank stated that it plans to expand this service to other clients and currencies in the coming months, pending regulatory approval.
Marex Group, Brevan Howard Digital, and FedEx have all been testing real-time settlement or supply chain smart contracts through Kinexys, reducing reconciliation costs and enhancing liquidity. The daily on-chain trading volume of JPM Coin has exceeded $1 billion. Industry giants such as Goldman Sachs, BNY Mellon, and BlackRock are simultaneously advancing the tokenization of money market funds and real assets, symbolizing the migration of multiple asset classes onto the blockchain. By Q2 2025, blockchain-driven payment revenues are expected to reach $4.7 billion, with an average bank profit margin of 50.41%, indicating that the commercial model is contributing to substantial earnings.
