JPMorgan Considers Spinning Out Quorum Blockchain Unit
- Bank partners in Quorum include Microsoft, ING and Pfizer
- Blockchain to play ‘transformative role’ in market, bank says
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JPMorgan Chase & Co. is in the early stages of weighing whether to spin out its Quorum blockchain project into a separate company, according to a person with knowledge of the deliberations.
The software, created in 2016 and running on top of the Ethereum blockchain, is overseen at the bank by Amber Baldet. The aim is to create a digital ledger tailored for use by private enterprise clients such as banks, manufacturers and corporations. Companies with Quorum-based projects include Microsoft Corp., ING Groep NV, IHS Markit Ltd. and Pfizer Inc.