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JPMorgan's Former Blockchain Employees Launch New Start-up Clovyr

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JPMorgan Chase's two former blockchain employees have joined hands to launch a new blockchain start-up called Clovyr.

Amber Baldet, the former head of J.P. Morgan's blockchain arm, teamed with Patrick Mylund Nielsen, former lead developer of Quorum, a JPMorgan Chase-built blockchain for business, for the new initiative. Mylund Nielsen will serve as the concern's chief technologist.

Clovyr is an application store for blockchain-based, decentralized technologies. The startup has been widely speculated ever since Baldet announced her departure from the investment bank in April.

It is expected that initially, Clovyr will provide tooling to build on both public and enterprise versions of ethereum.

The team is expected to launch a public beta later this year, and provide an initial development framework for enterprises.

"More than just a development framework, Clovyr is an ecosystem of applications and services—almost all open source—that empowers teams of all sizes to experiment and iterate more quickly, bring products to market that will run in a cloud or in an on-premises production environment, and enable new features as needs change, reducing potential rework and driving down the cost of innovation," the company said on its website.

Baldet, who led JPMorgan's Blockchain Center of Excellence, was listed on Fortune's 40 Under 40 list of the most influential young people in business as well as CoinDesk's 10 Most Influential in Blockchain.

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