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JPM in merger talks with ConsenSys for its Quorum blockchain unit

Author : Saipriya Iyer | Published Date : 2020-02-13 

JPMorgan Chase & Co. is recently in talks to form a major merger between its blockchain Quorum unit and ConsenSys. The merger aligns with the Ethereum-focused firm, ConsenSys’s shift towards the software division. The deal reportedly wouldn’t have any impact on the IIN and JPM’s other projects that run on Quorum.

Blockchain was invented in 2008 as the public transaction ledger of the cryptocurrency bitcoin. Since its development, banks as well as other large corporations has been rapidly investing to develop blockchain-based system, including intelligence and big data management. While some projects have achieved considerable impact, efforts have yielded mostly mixed results.

Maintained and developed by JPM, Quorum is an open source blockchain platform that addresses various challenges within the enterprise environment. It uses the Ethereum network that underpins ether, which is a well-known cryptocurrency.

Over the last two years, the company has been rapidly focusing on spinning off the Quorum platform through the creation of startup company, mergers, as well as development of the open-source foundations.

ConsenSys, a prominent blockchain software technology company, was founded by an Ethereum co-founder, Joe Lubin. Recently, the company reportedly laid off nearly 14% of the staff from the job, as it is currently focusing on restructuring to accommodate the separation of its software development process from venture activities.

Quorum platform is being deployed by JPM, the largest U.S. bank in terms of assets, for various purposes. It is adopted in the Interbank Information Network, with 300 banks already leveraging the payments network. The network will use Quorum platform to introduce JPMorgan Coin, which is a digital currency, for better and faster payments using blockchain.

Quorum platform has a current workforce consisting of 25 people. Whether these team members will be joining ConsenSys after the agreement, is yet to be determined.

The details regarding the merger agreement are expected to be finalized over the next six months.

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About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

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