Vote of confidence for ETH from J.P. Morgan: “We are big believers in Ethereum”

They manifestly don’t like bitcoin and they don’t hide it, just the contrary. But the big, bad bankers appear to be very found of Ethereum.

JP Morgan has their own enterprise version of the Ethereum blockchain – known as Quorum – which has its own “smart contracts” ability, just like ETH.

“We are the only financial player that owns the entire stack, from the application to the protocol,”

said JP Morgan’s New York-based head of blockchain initiatives, Umar Farooq.

“We are big believers in Ethereum.”

Mr Farooq said that in the medium term tokenisation of commodities could create new opportunities for global traders.

“There are people outside our firm using Quorum to tokenise gold, for instance,” he stated for The Australian Financial Review on the sidelines of Sibos.

“They wrap a gold bar into a tamper-proof case electronically tagged, and they can track the gold bar from the mine to end point – 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.”

Tokenization democratizes capital markets as breaking down large assets into smaller pieces increases liquidity, but crucially helps low-income investors buy stakes in assets they might not have been able to afford.

Quorum is important piece of the J.P. Morgan’s future plans as the bank looks to embed blockchain technology across the value chain.
In the last week and day, Ethereum price is down 3.5 percent and 1.1 percent respectively as price action dash expectations. ETH/USD is trending at a precarious position in a market that is largely ranging between $250 and $160. Volumes are low and candlestick formation point lower
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Sarah Wurfel
Sarah Wurfel

Sarah Wurfel works as a social media editor for CaptainAltcoin and specializes in the production of videos and video reports. She studied media and communication informatics. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies.

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