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FT: JPMorgan may spin off blockchain tech project

JPMorgan Chase & Co. may spin off Quorum within the year, on the belief that will boost external adoption, according to the Financial Times.

Quorum is JPMorgan's customized blockchain platform, and it was meant to improve the bank's derivative clearing and settlements and cross-border payments. But other banks have chafed at using technology so closely affiliated with JPMorgan, the FT reported, citing "people familiar with the situation."

The company declined to comment on speculation, but told the FT in an email it was "actively building multiple blockchain solutions" and that Quorum has become "extremely successful" even for uses outside financial services.

Should the spinoff take place, JPMorgan may retain a minority stake in Quorum. The company's blockchain program lead, Amber Baldet, on the other hand, may depart.