The Words of cryptocurrency being implemented by banks such as J.P Morgan has come out from the horse’s mouth. The former head of J.P Morgan’s Blockchain operation has stated that banks like J.P Morgan could get into utilizing cryptocurrency very soon.
Amber Baldet, has been quite influential in setting up Blockchain for J.P Morgan and is also known for setting up the Quorum project. She has hence been listed on Fortune’s 40 Under 40 lists of the most influential young people in the business.
Quorum, developed by J.P Morgan is an enterprise-ready distributed ledger and smart contract platform which is useful for the financial industry which needs high speed and high processing power.
It’s been two years since J.P Morgan has developed a way to clear and settle derivatives and cross-border payments by using Blockchain technology
Amber Baldet, who is the Former head of J.P Morgan’s Blockchain department, has confirmed that cryptocurrency is right around the corner for J.P Morgan.
However, she notes that restrictions are what’s delaying the whole implementation of the new technology. Amber continued, “But even where the will is, the legal and regulatory framework is challenging.”
“I think it’s coming sooner than people probably think,” told Amber Baldet to CNBC, a Former head of J.P. Morgan’s Blockchain department.
Amber Baldet has switched to creating her startup called Clovyr which offers decentralized applications on something similar to the application store. It was unveiled at the Consensus Blockchain conference.
“There’s no way to discover what’s out there right now, there’s no Google for finding applications. The ability to discover apps is helpful but the ability to build them is also encompassed in there,” Baldet said about her new startup.
Amongst banking culture, many are still shying away from it. However, it is now seen banks such as Goldman Sachs is hoping to start its first Bitcoin trading operations.
Security is the primary cause of concern, and hence a method of custody solutions have been brought about by Japan’s bank Nomura and even Coinbase.
J.P Morgan has hired a 29-year-old to head the crypto assets strategy which portrays its seriousness in the cryptocurrency space.
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