According to Bloomberg, Naveen Mallela, global co-head of JPMorgan's blockchain division, announced his departure from the bank, ending his more than a decade at the bank. In 2024, Malella was appointed as the Global Co-Head of the Kinexys division, which focuses on leveraging blockchain technology to develop products and services in areas such as payments. JPMorgan Chase confirmed the departure and said it would appoint a new head in the near future. Kinexys, a blockchain-based payment network launched by JPMorgan Chase & Co. in 2019, has a daily trading volume of $5 billion and aims to provide corporate customers with round-the-clock payments and partial forex trading automation services.