News JP Morgan said to examine spin-off of its blockchain...

JP Morgan said to examine spin-off of its blockchain project

-

- Advertisment -

J. P. Morgan Chase is reportedly working on a spin-off of its main blockchain project in part to get a wider audience for it.

The report, by the Financial Times, said the bank developed its blockchain technology called Quorum two years ago for clearing and settling derivatives and cross-border payments.

A spin-off of Quorum would highlight the difficulties Wall Street firms often have after developing new technologies for the industry but failing to get much outside adoption as an in-house application.

The FT says rival banks might have been reluctant to use Quorum because it was so closely associated with J. P. Morgan.

Blockchain is a distributed ledger technology underpinning cryptocurrencies like bitcoin but banks have tested its use for payments and other activities. A spokesman told the FT the bank wasn’t going to comment on the speculation, but “Quorum has become an extremely successful enterprise platform even beyond financial services and we’re excited about its potential.”

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -JP Morgan said to examine spin-off of its blockchain project

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -JP Morgan said to examine spin-off of its blockchain projectJP Morgan said to examine spin-off of its blockchain project

You might also likeRELATED
Recommended to you