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According to Bloomberg, Naveen Mallela, Co-Head of the Blockchain Department at JPMorgan Chase, has announced his departure from the bank, ending over ten years of service there. Mallela was appointed in 2024 as Co-Head of the Kinexys division, which focuses on developing products and services in areas such as payments using blockchain technology. JPMorgan Chase confirmed his departure and stated that a new leader would be appointed soon. The blockchain-based payment network Kinexys, launched by JPMorgan Chase in 2019, has a daily transaction volume of $5 billion and aims to provide enterprise clients with 24/7 payment services and partial foreign exchange transaction automation.