faungg's photos / Flickr

During her appearance on CNBC’s Power Lunch Friday, Amber Baldet, the former head of J.P. Morgan’s (JPM) blockchain arm, predicted that big banks will begin trading cryptocurrency “sooner than people probably think,” despite significant legal and regulatory hurdles.

When Baldet was at J.P. Morgan, she led the Quorum project, the bank’s internal blockchain platform rumored to be preparing for a spinoff. After leaving last month, Baldet shared that she was planning to launch her own blockchain startup. However, the former bank executive kept all additional details, including the name, secret until taking the stage at Consensus last Monday.

Named Clovyr, the new startup functions to accelerate decentralized application development, whether they run on the public Ethereum blockchain or on a private network. Clovyr provides tools that will define privacy-first design and ultimately will work to assist non-developers to run full nodes.

It was also revealed last week that JPMorgan has assigned 29-year-old Oliver Harris, the former head of the firm’s fintech program, to a new role investigating potential usages of cryptocurrencies across its corporate and investment banking initiatives. According to the report, Harris will investigate potential crypto custody and payment services.

Meanwhile, other big banks, including Goldman Sachs (GS) and Morgan Stanley (MS), are preparing to open dedicated cryptocurrency trading desks.

Related: Banks will trade cryptocurrency sooner than people think, says fmr. JPMorgan blockchain executive
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Photo: faungg’s photos / Flickr