JPMorgan Might Merge Quorum With ConsenSys

Author

Linas Kmieliauskas

Author

Linas Kmieliauskas

Author Profile

Share

Copied

Last updated: 

June 26, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Within the next six months, U.S.-based investment banking giant JPMorgan Chase is likely to announce that its blockchain unit Quorum is merging with major bockchain company ConsenSys, Reuters reported, citing people familiar with the plans.

Both companies are already in talks over this potential deal, a source close to the situation confirmed to Cryptonews.com. The plan after the merger is to maintain the Quorum brand and keep the technology open source, Reuters added, citing one of the sources. No further details about the merger were provided.

JPMorgan built the Quorum blockchain internally using the Ethereum (ETH) network, while ConsenSys was founded by Ethereum co-founder Joseph Lubin. According to Reuters, JPMorgan has been considering spinning off Quorum for around two years.

As reported, Quorum is being used by JPMorgan to run the Interbank Information Network, a payments network that involves more than 300 banks. Also, the bank said it would use Quorum to issue JPM Coin.

Meanwhile, in February, ConsenSys said it laid off around 14% of its workforce, and it will also restructure. The company said that it will separate its software development business from its venture activities, with the cuts allowing it to “be better aligned with the needs of a focused software development company,” it said.