Kadena founders, who were two of the first team members involved in JPMorgan’s blockchain team, spill the crypto beans on how the bank started JPM Coin and Quorum projects.
Stuart Popejoy is the co-founder and president Kadena who worked at JP Morgan in the Blockchain Center of Excellence. Will Martino is the co-founder and CEO of Kadena, and he worked at JPMorgan’s Blockchain Center of Excellence with Stuart
The two shared their knowledge of JP Morgan’s blockchain products in a Cointelegraph report. Here is a summary of what they had to say, in part.
The first part of the discussion centered on Juno, JPM Coin v.0. They indicated that JPMorgan never endeavored to develop a blockchain and that the company focuses on finance and banking. Software and technology are not part of that focus. At the same time though, the company was also aware of the importance of adopting valuable financial technology and investing in innovation. As a result, blockchain soon became a part of their focus. The two eventually decided to build their own blockchain, called Juno, within JP Morgan.
As the team was developing Jump, the second team in their division was working on a project concerning the integration of the Ethereum Virtual Machine (EVM), which eventually became the company’s new blockchain platform, called Quorum. It is a permissionless blockchain that was developed for financial institutions’ needs. There are challenges associated with Quorum, though. The challenges arise from the platform’s reliance on EVL and Ethereum’s Solidary smart contract language.
Popejoy and Martino also see Juno the earliest version of JPMorgan’s coin, called the JPM Coin. The coin seeks to resolve issues impacting the financial markets, which are expensive and inefficient settlement processes and cryptocurrency volatility. The two also indicate that it is simultaneously unremarkable and impressive the way the join achieves its goals.
After discussing the JPM coin, the two shared their main takeaways from JPmorgan’s blockchain group. These takeaways include an understanding of how the financial system actually works, and what is needed to propel the adoption of blockchain forward.