JPMorgan is deepening its bet on blockchain infrastructure with the launch of a new onchain intraday repo solution to transform how institutional traders exchange cash and securities in real time.
Built in collaboration with fintech firms HQLA-X and Ownera, the new platform allows repo traders to swap cash held at JPMorgan for securities listed on the HQLA-X platform using blockchain-based deposit accounts. The solution runs on JPMorgan’s proprietary Kinexys network — the bank’s dedicated blockchain unit formerly known as Onyx.
According to the partners, the tool supports the full repo transaction lifecycle — from trade execution to collateral management and final settlement — all with minute-level precision. Traders can now specify exact settlement and maturity times, a notable improvement over legacy systems.
“Repo traders are now able to exchange cash at JPMorgan and collateral at HQLA-X intraday,” the companies said in a joint statement Thursday, highlighting the system’s speed and interoperability.
The platform connects users peer-to-peer through Ownera’s global router network and leverages the open FinP2P protocol to enable connectivity between disparate financial systems.
Ownera CEO Ami Ben-David said that the solution has already scaled to handle up to $1 billion in daily transaction volume in its first phase — a signal of growing institutional appetite for digital-first infrastructure.
JPMorgan and its partners see broader potential ahead. The system was “designed from the outset to operate at an industry-wide level,” the statement noted, with plans to support various trading venues, collateral sources, and digital money instruments — including stablecoins, deposit tokens, and central bank digital currencies (CBDCs).
The move confirms JPMorgan’s status as a front-runner among U.S. banks experimenting with blockchain technology. Kinexys, the bank’s blockchain business unit, now houses four divisions: Digital Payments, Digital Assets, Liink (a payment info network), and Labs (a blockchain research arm).
Earlier this year, the bank began piloting JPMD — a deposit-token project — to support institutional payments on Base, a layer-2 Ethereum network developed by Coinbase. The bank also collaborated with Coinbase on plans to link Chase accounts to crypto services and even enable Chase rewards redemptions using USDC on Base.
