JPMorgan Chase Considers Independence For Quorum

According to a Thursday report by the Financial Times, JPMorgan Chase is contemplating a spin-off of Quorum, its “enterprise-ready distributed ledger and smart contract platform.” The shift could happen later this year.

A permissioned implementation of Ethereum that includes a “minimalistic fork” of geth (the Go Ethereum client), Quorum has had its product development pioneered by Amber Baldet. If JPMorgan opts to make Quorum a separate entity, it’s unclear whether Baldet would stay on.

Even if Quorum becomes a separate company, JPMorgan would reportedly retain a minority stake in the venture.

“We continue to believe distributed ledger technology will play a transformative role in business which is why we are actively building multiple blockchain solutions,” said JPMorgan in an emailed statement to FT.

“We’re not going to comment on speculation, but Quorum has become an extremely successful enterprise platform even beyond financial services and we’re excited about its potential,” the bank added.

Late last month, ETHNews reported that JPMorgan Chase expressed concern about disruption by cryptocurrencies in its 10-K filing with the Securities and Exchange Commission.

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.

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