Enterprise Ethereum Alliance that was formed by Microsoft Corp. and other major technology companies and banks, will include major financial institutions including JP Morgan, CME Group, BNY Mellon, Banco Santander, Red Hat, Cisco, Wipro and British Petroleum, among others, CoinDesk reported.

Last week, the announcement was made regarding the formation of the alliance in order to foster the adoption of Ethereum blockchain.

This Ethereum blockchain alliance will also see involvement from blockchain startups including BlockApps, Brainbot Technologies, ConsenSys, Nuco and Tendermint and Ethereum Foundation. The Enterprise Ethereum group is said to contain both existing and former stakeholders in the R3 blockchain consortium.

"There will be an announcement in the near future," James Moreau, blockchain developer evangelist at BlockApps stated, as reported by CoinDesk.

Enterprise Ethereum is in the development stage and its supporters are said to create a non-profit entity. Also, the alliance will be based on a membership model that incorporates working group focused on technical development, governance and industry collaboration.

Also, one of the BNY Mellon representatives pointed out that there will be an official announcement forthcoming. “BNY Mellon is taking a number of steps to use distributed ledger technology. We continue to explore and participate in various initiatives some that we may be announcing in the near future.”