JPMorgan Chase and R3CEV: A Break Up
In the world of corporate alliances, JPMorgan Chase has taken the leap and exited the R3CEV Blockchain Consortium. According to a spokesperson for R3, the financial giant’s decision to part ways stems from a desire to explore a “very distinct technology path” all on its own. Think of it like a tumultuous romance that just didn’t work out, despite the initial excitement!
The Domino Effect
This isn’t exactly a shocker when you consider that JPMorgan isn’t the only one to pack its bags. Back in 2016, fellow members Goldman Sachs, Santander, and Morgan Stanley also said their goodbyes. The R3 consortium, once riding high on ambitious plans to capture the blockchain market, had to wrestle with the reality of lost membership, leading them to scale back their fundraising expectations like looking in the fridge for leftover pizza.
R3’s Changing Game Plan
The hits kept coming for R3, particularly in 2017. After some introspection, the consortium announced, rather controversially, that its flagship platform, Corda, “didn’t need” blockchain to function optimally. Is that a plot twist or just a desperate attempt to cling to relevancy?
Charley Cooper Speaks
Charley Cooper, the Managing Director of R3, succinctly summarized this exit by stating that JPMorgan chose a route that conflicts with the rest of the 80-plus members of their consortium, which essentially feels like throwing a wrench into a well-oiled machine.
Enterprise Ethereum Alliance Comes Out on Top
In dramatic contrast, JPMorgan is still actively involved with the Enterprise Ethereum Alliance (EEA). This alliance, which aims to push the boundaries of Ethereum technology in real-world applications, keeps gaining traction. With heavy hitters like Microsoft and Intel aboard, Ethereum’s price has managed to take off, skyrocketing and persisting at levels that could make even the most seasoned investors shed a tear of joy.
Conclusion: What’s Next?
The departure of JPMorgan from R3 is a telling sign of shifting dynamics within the blockchain sector. As JPMorgan strives to innovate independently, it raises the question: Is traditional banking ready for disruption, or will established players continue to circle the wagons? Only time—and perhaps a bit of market volatility—will tell!
