August 7, 2025 — JPMorgan Chase & Co. has announced a strategic leadership change for its blockchain subsidiary Kinexys, appointing Kara Kennedy as Global Co-Head alongside Naveen Mallela. This dual leadership move signals the bank’s intensified push into asset tokenization and digital payments.
Dual Leadership Structure
Kennedy, based in Edinburgh, will oversee Kinexys’s digital asset division, with a primary focus on advancing asset tokenization initiatives and managing Kinexys Labs — an incubation hub for blockchain proof-of-concepts and client prototypes.
Mallela, headquartered in Singapore, will continue to lead the payments vertical, which includes Kinexys Digital Payments and Kinexys Liink, the bank’s blockchain-based information exchange network.
Industry Context
Kennedy’s appointment comes amid a significant moment for the blockchain industry: the United States recently passed a major stablecoin regulatory bill, fueling institutional adoption. Global financial institutions and multinational corporates are stepping up their blockchain infrastructure investments to capture new settlement efficiencies.
JPMD — The Institutional Deposit Token
JPMorgan is currently piloting its JPMD project — a deposit token built on Coinbase’s Base blockchain (Ethereum Layer 2). Each JPMD represents a digital certificate of a commercial bank deposit, offering:
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24/7 settlement capabilities
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Interest-bearing functionality
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Exclusive institutional access (permissioned token)
Unlike public stablecoins, JPMD is permissioned, targeting JPMorgan’s institutional clients. The bank positions deposit tokens as a more efficient and secure settlement instrument that integrates seamlessly with the existing banking system.
Strategic Outlook
JPMorgan plans to continue JPMD pilot testing in the coming months. Pending regulatory approval, the offering will expand to more clients and currencies, further bridging traditional banking with blockchain-powered settlement rails.
Buvei Insight
For payment and fintech operators, JPMorgan’s strategy underlines two accelerating trends:
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Tokenization of traditional financial assets to unlock liquidity and enable faster settlements.
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Permissioned blockchain networks as a preferred choice for regulated institutions, balancing innovation with compliance.
Buvei continues to monitor developments in institutional digital payments and tokenization, ensuring our clients can anticipate shifts in settlement technology, transaction models, and digital asset compliance.
