JPMorgan Chase expands blockchain unit into the Middle East and North Africa

JPMorgan's blockchain business unit Kinexys (formerly known as Onyx) has expanded its operations in the Middle East and North Africa region, partnering with eight leading banks in the region. This development marks a broader shift towards blockchain integration in banking infrastructure. JPMorgan said on Thursday that six of these eight banks are Qatar National Bank, Saudi National Bank, First Abu Dhabi Bank, UAE National Bank, Dubai Commercial Bank, and ABC Bank. JPMorgan's spokesperson did not disclose the names of the remaining two banks. These banks are using Kinexys to enhance cross-border payments, treasury functions, and transaction efficiency.