Blockchain Executive Set to Leave JPMorgan

Photo by Håkan Dahlström from Flickr

On Monday,  JPMorgan announced that a blockchain program lead at JPMorgan Chase & Co, Amber Baldet, is leaving the bank to start her own venture.

Baldet is one of the best-known executives who is focused on blockchain at a major lender. She led the Blockchain Center of Excellence of JPMorgan and helped the bank establish its strategy for the nascent technology.

According to an internal bank memo that was sent on Monday, Christine Moy, a senior product manager in the bank’s Blockchain Center of Excellence, will take the place of Baldet.

The memo was sent by the firm’s head of channels, analytics and innovation for treasury services, Umar Farooq. He is also the head of blockchain initiatives for the corporate and investment bank of JPMorgan.

In a written statement, Jessica Francisco, a spokesperson for JPMorgan said: “Amber is extremely talented and helped build the outstanding team we have today.

“We respect her desire to start her own venture and we wish her nothing but the best.”

Originally, blockchain emerged as the technology that is powering cryptocurrencies including bitcoin. However, banks and other large corporations have been trying to adapt it to operate some of their processes.

They assume that the distributed database technology can help them reduce and simplify the costs of their businesses such as payments processing and securities settlement.

JPMorgan has been active in the space via initiatives such as Quorum, a type of blockchain that it has developed for enterprises to create business applications. Last month, Reuters reported that the bank was considering a spin-off for Quorum.

In her role at JPMorgan, Baldet headed the product development for Quorum and was tasked with helping establish the blockchain strategy of the corporate and investment bank.

On the other hand, Moy had been heading blockchain product development for the investor services and capital markets business for the bank.