JPMorgan Partners with Major Financial Establishments for Blockchain-Based Debt Issuance Process
Reuters proclaimed on Friday that the investment bank said in a statement that the case, which took place on Wednesday, reflected a $150 million offering the same day by the National Bank of Canada of a one-year floating-rate Yankee certificate of deposit.
The trial also saw the involvement of Goldman Sachs Asset Management, Pfizer, Legg Mason Inc’s Western Asset and others.
David Furlong, senior vice president of blockchain at National Bank of Canada, said in a statement that blockchain technology “has the likelihood of bringing about a major change in the financial services industry.”
Based on JPMorgan’s Quorum blockchain, the debt-issuance platform took over a year to build, according to the report.
According to the previous reports, the bank is currently thinking on spinning off the Quorum project as an independent company.
A spokesperson said:
“Quorum has become a notably successful enterprise platform even ahead financial services, and we’re excited about its potential.”
Anyhow, Umar Farooq, head of blockchain initiatives for JPMorgan’s corporate and investment said that discussions are in the advanced stages and the bank has had interest from financial institutions in the project.
The open-source Quorum blockchain was begun in 2016 as a permissioned version of Ethereum. In October 2017, it prominently combined the zero-knowledge security layer (ZSL) from privacy-focused public blockchain Zcash.
The technology covers all identifiable information about a transaction but still provides the capacity of auditing those transactions.