Amber Baldet, Former Head of the blockchain division on JP Morgan, one of the most prominent investment banks, has talked about how she thinks that cryptocurrency trading will be adopted by banks sooner than everyone thinks, today in an interview on CNBC. He also discussed her new blockchain startup, Clover.
Amber Baldet was JP Morgan’s Blockchain program lead. Under her leadership, the blockchain program went on to develop Quorum, one of the most interesting corporative blockchain programs out there, based on the Ethereum blockchain. She was featured in Fortune’s 40 most influential people under 40.
Amber Baldet thinks that cryptocurrency trading is imminent and that most banks will enter this business quickly, to gain an advantage over the other banks at the beginning of this. Amber has an interesting insight on investment banks, having worked at JP Morgan while its CEO had a clear hostile opinion about cryptocurrency; yet they were investing serious resources in the development of blockchain tools. Knowing the industry, she also acknowledged that there are serious legal issues to deal with, but that eventually, cryptocurrency trading will make its way to banks.
She also talked about Clovyr, her new startup, and how it can help organizations to develop blockchain apps and promote them. Clovyr is a decentralized app market for blockchain applications that also includes a development framework for them. About this, she stated:
“THERE’S NO WAY TO DISCOVER WHAT’S OUT THERE RIGHT NOW, THERE’S NO GOOGLE FOR FINDING APPLICATIONS,”
That is why an app store for blockchain apps is important. Many times there can be redundancy in apps, and developers can take advantage of this by only adopting and reusing an existing app. Finally, in her opinion, blockchain utility in banks will come from information sharing and mutualization of workflows, possibly referring to the opportunity of using blockchain for settling contracts and reconciling money remittances.