JPMorgan Chase has announced the appointment of Kara Kennedy as the new global co-head of Kinexys, the bank’s blockchain-focused division. This move signifies the bank’s commitment to investing in digital asset infrastructure, especially as regulatory clarity improves in the US.
Kennedy, who is based in Edinburgh, will be responsible for overseeing Kinexys Digital Assets and Kinexys Labs. These two units focus on asset tokenization and blockchain project development, respectively. She will be working alongside Naveen Mallela, who remains in Singapore and will continue to manage the payments side of the division, including Kinexys Digital Payments and Kinexys Liink.
Before taking on this new role, Kennedy led digital asset product strategy for JPMorgan’s securities services business. With her experience in navigating institutional blockchain adoption, she is well-equipped to lead Kinexys at a time when the bank is expanding its pilot programs in tokenized finance.
One of the key initiatives that JPMorgan is currently working on is the JPMD token, a blockchain-based token that represents dollar deposits. The bank recently completed its first transfer of JPMD from its digital wallet to crypto exchange Coinbase, with ongoing pilot testing expected to continue for several more months. The pilot may expand to include more currencies and users, pending regulatory approval.
Additionally, Kinexys recently participated in testing a new blockchain platform for carbon credits in collaboration with S&P Global Commodity Insights, EcoRegistry, and the International Carbon Registry. The goal of this pilot is to tokenize carbon credits listed in each registry’s system, creating a more transparent and traceable market for climate-related assets.
Kennedy’s appointment comes at a time when blockchain adoption is on the rise among multinational banks, fueled by recent US legislation that provides a legal framework for stablecoins and tokenized deposits. Institutions are now accelerating their pilot programs and bringing in experienced leaders like Kennedy to guide their efforts.
The Kinexys division, originally part of JPMorgan’s Onyx platform, has been rebranded to align with the bank’s commercial objectives. It brings together tokenization, digital payments, and information networks under a single structure to cater to corporates and institutions adopting blockchain-based systems.
JPMorgan’s proactive approach to blockchain technology signals a shift towards a future where assets, transactions, and data flows exist directly on-chain. Tokenized payments, cross-border settlements, and carbon credit tracking are just a few examples of how these systems are evolving.
In conclusion, JPMorgan’s appointment of Kara Kennedy as the new global co-head of Kinexys underscores the bank’s commitment to driving innovation in blockchain technology and digital asset infrastructure. Kennedy’s leadership will play a crucial role in shaping the future of blockchain within the financial industry.