JP Morgan Chase has had a rocky relationship with Bitcoin. CEO Jamie Dimon has been vocal about his disapproval of bitcoin yet in January 2018 he rolled back his comments and said he regretted saying bitcoin was fake. Now Amber Baldet, former head of Blockchain at JP Morgan has started her own Blockchain company called Clovyr.
Baldet announced her departure from the JP Morgan in April. She attended the Consensus blockchain conference in New York and said that it’s a great way to help think about decentralized design in applications.
Clovyr was founded by Baldet and Patrick Nielsen who led JP Morgan’s open source blockchain projects. Under him JP Morgan had developed its own blockchain technology two years ago to process cross border payments and to clear and settle derivatives. It was called Quorum. He also left the bank in April.
Clovyr will offer an app store but for decentralized applications. These will ostensibly offer a new level of security not present in regular applications.
Baldet compares the apprehension to blockchain by several companies as comparable to that in the beginning of Cloud computing. Many companies preferred building internal cloud servers and are now spending millions undoing that. Blockchain seems to be the way of the future for her.