JP Morgan Bank has Endorsed the Ethereum Network

JP Morgan Bank has Endorsed the Ethereum Network

Quorum J.P.Morgan blockchain project

The world renown investment bank, JP Morgan has reportedly given the Ethereum network a thumbs up and has greatly endorsed the Blockchain network. The endorsement of the network by the investment bank was as a result of its ability to bring practical applications into the world of finance. However, it should be noted that, in the past, JP Morgan’s CEO, Jamie Simon has issued some statement which is clearly suggesting that he is not a fan of Cryptocurrencies.

JP Morgan has a New Project— Quorum

A recent report has also made it known that JP Morgan is working on a blockchain project of its own— Quorum. The project has been defined as “an enterprise-focused version of Ethereum.”. The bank has made it know that it has the intention of using the platform to tokenization the gold bars it has in its custody.

Quorum’s financial potentials

Umar Farooq who is JP Morgan’s head of blockchain initiatives also commented on Quorum’s financial potentials and also on Ethereum’s importance for ecosystem development.

He went on to say:
“There are people outside our firm using Quorum to tokenize gold, for instance. They wrap a gold bar into a tamper-proof case electronically tagged, and they can track the gold bar from the mine to endpoint – with the use case being, if you know it’s a socially responsible mine, someone will be willing to pay a higher spread on that gold versus if you don’t know where it comes from. Diamonds is another example. We are the only financial player that owns the entire stack, from the application to the protocol. We are big believers in Ethereum .”

The Quorum project has been noted by experts as a way for the bank to venture into blockchain technology on its terms.