The platform called Quorum will allow using a publicly available system for confidential transactions.
The testing is a part of bank’s blockchain project aimed at adoption of the technology to the banking industry.
Blockchain has appeared to be in the limelight of multiple financial companies within the past year. This digital public database is redefining what is possible within the fintech ecosystem and beyond.
Final round increased the total sum of investment to $60 million.
The project aims at transformation of loans and settlements with a help of blockchain technology.
The company gets $50 million to apply a distributed ledger to financial services and expands its Board of Directors.
Former JPMorgan’s executive Blythe Masters is reportedly facing problems while trying to raise funds for her blockchain focused startup Digital Asset Holdings.
Only 14% of those interrogated predicted that banks can suffer from financial technology disruption.
The companies have teamed up to create a technology similar to blockchain with hugh potential to change business services.
The blockchain holds huge promise for the future of the financial industry, with the world’s leading organizations developing solutions based on the bitcoin technology.
Even though investments in Bitcoin startups have recently decelerated, financial institutions like American Express are still getting more interested in the potential of BItcoin.
Nine of the world’s major banks, such as JP Morgan, Goldman Sachs and Barclays, are expected to adopt the blockchain technology in an attempt to broaden its use in the financial services sector.