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After years of developing its private blockchain, one of the world’s largest banks has finally made a bold move into the public crypto space. And this time, it’s not just another proof of concept—it’s something much bigger.
From Walled Garden to Open Ledger
JPMorgan Chase has long maintained a “walled garden” approach to blockchain, focusing on a private system for its clients. But on May 14, 2025, the bank announced that it successfully settled a transaction on a public blockchain with the support of Chainlink and Ondo Finance.
Through its blockchain unit, Kinexys, JPMorgan facilitated a transaction between two internal accounts to purchase tokenized treasuries on Ondo’s public network. The payment was triggered via Chainlink, a decentralized oracle network that bridges real-world data and blockchains.
More Than Just a Proof of Concept
Although JPMorgan has tested public blockchain interactions before, such as a 2024 collaboration with Siemens, this marks the first time it has built a functional interface to a public ledger. According to Sergey Nazarov, Chainlink’s cofounder, this infrastructure is moving toward production use.
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Nelli Zaltsman, head of platform settlement solutions at Kinexys, emphasized that this isn’t about chasing political trends or investor hype. It’s a carefully planned move rooted in the bank’s long-term blockchain roadmap.
Regulatory Shifts and Industry Momentum
JPMorgan’s move comes during a broader shift in the U.S. regulatory landscape. Under President Donald Trump, a known pro-crypto advocate, regulators have reversed prior crackdowns, encouraging institutions to re-engage with crypto. His administration has even ordered the creation of a strategic Bitcoin reserve.
Meanwhile, legacy finance names like Fidelity, BlackRock, and Morgan Stanley are ramping up their blockchain efforts. But JPMorgan’s leap into the public space is being viewed as a turning point driven by strategy—not politics.