Microsoft, LVMH, JP Morgan Among Billion-Dollar Companies Using ConsenSys Quorum
- The Forbes Blockchain 50 list revealed that there are nine companies with a billion-dollar valuation using the ConsenSys Quorum.
- Another 22 companies said they were using Ethereum in some way.
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Out of the 50 companies included in the Forbes Blockchain 50 list, nine indicated they were using ConsenSys Quorum, the company’s enterprise blockchain solution.
According to the firm’s press release, another 22 companies said they were either investing or using the public Ethereum network.
“There have never been more businesses undertaking meaningful projects using this technology that qualify for our annual list,” said Michael del Castillo, the associate editor at Forbes.
Castillo noted most companies included in the Blockchain 50 list for 2021 aren’t “bitcoin speculators,” but companies looking for innovative ways to employ blockchain technology.
Companies that are using ConsenSys Quorum include JP Morgan Chase, LVMH, Microsoft, HSBC, Ant Group, Cargill, ING Group, Novartis, and State Farm. The key criteria for being included on the list is to have revenue or a valuation of at least $1 billion and employ distributed ledger technology.
- Launched in 2020, the bank’s permissioned blockchain-based value transfer system, called JPM Coin, now handles around $1 billion in daily transactions.
- The bank’s global head of payments said they now plan to widen the usage of the coin, and possibly create a “more retail version” of the token.
The corporate sign in front of the JP Morgan Chase & Co office building on Park Avenue, New York City, October 29, 2016. Felix Lipov/Shutterstock
- The Monetary Authority of Singapore successfully completed a cross-currency transaction using DeFi technology as part of its Project Guardian initiative.
- Singapore’s DBS Bank, Japan’s SBI Digital, and J.P. Morgan all participated in the trials that were conducted on the Polygon blockchain.
- Called Project Guardian, the new MAS pilot will be led by financial heavyweights J.P. Morgan, DBS Bank, and Marketnode.
- The first pilot of the project will explore DeFi applications in wholesale funding markets through the creation of liquidity pool of tokenized bonds and deposits.