JPMorgan Chase has named Kara Kennedy as the new global co-head of Kinexys, the bank’s blockchain-focused division, deepening its investment in digital asset infrastructure as regulatory clarity improves in the US.
Bloomberg reported Wednesday that Kennedy, who is based in Edinburgh, will oversee Kinexys Digital Assets and Kinexys Labs, two units that focus on asset tokenization and blockchain project development, respectively.
She will lead the division alongside Naveen Mallela, who remains in Singapore and will continue to manage the payments side, including Kinexys Digital Payments and Kinexys Liink.
JPMorgan Chase has appointed a new global co-head of its blockchain division https://t.co/tvzYdx28uj
— Bloomberg (@business) August 6, 2025
Before stepping into her new role, Kennedy led digital asset product strategy for JPMorgan’s securities services business. She brings a background in navigating institutional blockchain adoption and will now take the reins at a time when the bank is expanding its pilot programs in tokenized finance.
JPMorgan Expands Blockchain Pilots With JPMD Token and Carbon Credit Platform
JPMorgan has been trialling JPMD, a blockchain-based token that represents dollar deposits. In June, it completed its first transfer of JPMD from the bank’s digital wallet to crypto exchange Coinbase.
Since then, the pilot has been ongoing and is expected to continue for several more months. It may then expand to other users and potentially include more currencies, depending on regulatory approval.
Last month, Kinexys helped test a new blockchain platform for carbon credits. The pilot involved S&P Global Commodity Insights, EcoRegistry and the International Carbon Registry. Together, they aim to tokenize carbon credits listed in each registry’s system. This would create a more transparent and traceable market for climate-related assets.
Recent US Stablecoin Rules Fuel Institutional Blockchain Momentum
Kennedy’s appointment comes at a time when blockchain adoption is gaining momentum among multinational banks. This shift is being driven by new legislation in the US that sets a legal framework for stablecoins and tokenized deposits. As a result, institutions that once moved cautiously are now accelerating pilot programs. They are also bringing in experienced leaders to guide their efforts.
The Kinexys division was carved out of JPMorgan’s broader Onyx platform. It was then rebranded to better match the bank’s commercial goals. Now, it unifies tokenization, digital payments and information networks under a single structure. This setup is designed to serve corporates and institutions adopting blockchain-based systems.
Industry observers say JPMorgan’s proactive approach is a clear signal. Large financial institutions are preparing for a future where assets, transactions and data flows exist directly on-chain. Already, tokenized payments, cross-border settlements and carbon credit tracking offer early signs of how these systems might develop.
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