A consultant of the financial institution confirmed the departure when reached, however declined additional remark. The information was first reported by Reuters earlier right now.
The transfer comes months after the monetary establishment was rumored to be certainly one of a gaggle of banks seeking to exit R3’s funding spherical, although it was reported to nonetheless be a member of the consortium on the time. Banco Santander and Goldman Sachs exited the initiative totally in November of final 12 months.
The exit is notable as JP Morgan was among the many preliminary group of banks to join the consortium, launched as a collaborative effort between establishments by means of which they examined various functions.
When reached for remark, R3 managing director Charley Cooper painted the transfer as one which makes JP Morgan an outlier amongst its international friends.
He informed CoinDesk:
“JP Morgan parted ways with R3 to pursue a very distinct technology path which is at odds with what the global financial services industry, represented by our 80-plus members, have chosen.”
In latest months, JP Morgan has pursued a extra singular know-how technique.
For instance, CoinDesk reported in February that JPMorgan was one of many backers of the Enterprise Ethereum Alliance, an effort geared toward creating enterprise know-how options primarily based on the open-source ethereum blockchain.
JPMorgan has additionally invested in its personal distributed ledger tech.
Called Quorum, the know-how was launched through a gathering with Hyperledger’s technical steering committee, although right here too the financial institution has not but submitted its mission for incubation. The financial institution can be a contributing member of the Linux Foundation-led Hyperledger mission.
Michael del Castillo contributed reporting.
JPMorgan image through Shutterstock