JPMorgan blockchain co-head Mallela resigns; successor to be named soon

YM Lee

Summary

JPMorgan Chase said Naveen Mallela, co-head of its blockchain unit, has resigned, triggering a leadership change at Kinexys.
Kinexys processes about $5 billion in daily transactions and supports 24/7 payments for corporate clients as well as automation of some FX trades, it said.
As JPMorgan pushes ahead with expanding its digital-asset payments infrastructure through JPM Coin, observers say the leadership change could influence its strategy going forward.

Forecast Trend Report by Period

A co-head of JPMorgan Chase & Co.'s blockchain unit has left the bank, a key departure as it steps up efforts to expand digital-asset payments.

According to Bloomberg on the 11th (local time), Naveen Mallela, global co-head of JPMorgan's blockchain business Kinexys, recently announced his resignation on LinkedIn. He was appointed to the role in 2024 and was based in Singapore. A JPMorgan spokesperson confirmed Mallela's departure and said the bank plans to name a successor soon. Mallela did not provide additional comment.

Kinexys develops products and services that apply blockchain technology to financial services such as payments. JPMorgan launched the blockchain-based payments network Kinexys in 2019, and it was reported to be processing about $5 billion in transactions a day as of last December. The platform enables corporate clients to make payments around the clock and automate some foreign-exchange trades.

JPMorgan has taken a leading stance in digital assets. In November last year, it moved to roll out its deposit token, JPM Coin, in earnest for institutional clients. JPM Coin tokenizes U.S. dollar deposits held at the bank and can be transferred via Base, the Coinbase-affiliated public blockchain.

While global financial institutions and major companies have tested blockchain technology for years, assessments suggest commercial use has only recently begun to scale. With JPMorgan accelerating the expansion of its digital payments infrastructure, attention is focused on how changes in leadership at its blockchain unit may affect its strategy going forward.