JPMorgan (JPM), Blythe Masters Said to Commence Blockchain Initaitive

JPMorgan (NYSE: JPM) and Blythe Masters are beginning to trial a project using blockchain in an effort to cut down the costs associated with trading.

According to the Financial Times, JPMorgan is collaborating with Masters' Digital Asset Holdings on the initiative. Masters was JPMorgan's former head of commodities.

Blockchain is a computer network which holds bitcoin, the virtual currency. Utilizing the platform would help banks address liquidity mismatches, among other items that add to the cost and complexity of trading.

Shares of JPMorgan are flat early Monday.

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