JPMorgan Chase went big on crypto in February with a digital currency of its own, the JPM Coin, and now it's strengthening its blockchain offerings through a partnership with Microsoft.
The partnership will allow JPMorgan to further develop its Quorum blockchain platform, which will be powered by the Microsoft Azure cloud platform.
A blockchain is essentially an immutable public digital ledger. It's most commonly known for being the technology that underpins cryptocurrencies like bitcoin.
Not long ago, JPMorgan CEO Jamie Dimon was an outspoken critic of crypto but eventually came around and put the rest of the industry on alert with the launch of the JPM Coin.
While many traditional financial institutions like JPMorgan have been skeptical about the staying power of cryptocurrencies, they've been more intrigued by the potential of blockchain technology to speed up transactions, like money transfers and payments, and make them more secure.
Beyond finance, Microsoft and other companies such as IBM are exploring the use of blockchain in a wide range of industries, from farming to shipping.