JPMorgan to Merge Quorum Blockchain With ConsenSys

The largest US bank, JPMorgan Chase, is in talks to merge its blockchain division, Quorum, with ConsenSys, report Reuters, citing its sources.

According to sources, the transaction may be officially announced within the next six months, but its terms are still unclear. The Quorum team currently employs about 25 people and it is unclear whether they will join ConsenSys after the merger.

Quorum, an Ethereum enterprise platform, was used by JPMorgan to manage the Interbank Information Network (IIN), a payment network with more than 300 banks involved. JPMorgan also announced that it will use Quorum to issue a stablecoin called JPMorgan Coin.

According to sources, the merger with ConsenSys will not affect the IIN and other JPMorgan projects that work on Quorum. The merger with ConsenSys was chosen as the best way for the further development of the project, as both organizations work with Ethereum and in the past participated in joint initiatives.

Last week, ConsenSys announced a restructuring in order to more efficiently distribute the company’s resources, and therefore 14% of the staff was reduced.

Author: Marko Vidrih

Featured image credit: Pixabay