JPMorgan Chase & Co. and the National Bank of Canada (NBC) announced today that they tested a debt insurance simulation on a new blockchain platform. NBC issued a one-year, floating rate certificate of deposit for $150 million dollars to JPMorgan on the platform, with JPMorgan creating a replica transaction to NBC using a debt issuance application that runs on JP Morgan’s Quorum.

The test is the latest in a string of blockchain pilots by banks. Christine Moy, Executive Director and Senior Manager at JPMorgan’s Blockchain Center, said today:

This is an exciting example of how JPMorgan leveraged our combined capabilities in capital markets and blockchain technology, delivering results to a diverse set of clients.

JPMorgan is considering spinning off Quorum, as it has received significant interest from outside banks and investors, according to Umar Farooq, head of blockchain initiatives for JPMorgan’s corporate and investment bank.

Read more at CNBC and Finextra.