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JP Morgan Planning To Merge Its Quorum Blockchain With ConsenSys

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  • JP Morgan Chase and Co. is in discussion with Brooklyn-based startup ConsenSys to merge its marquee blockchain unit Quorum.
  • JP Morgan has been using Quorum Blockchain to run the Interbank Information Network.
  • JP Morgan has been trying to find new options for Quorum and has concluded that a merger with ConsenSys would be the best option.

JP Morgan Chase and Co. is in discussion with Brooklyn-based startup ConsenSys to merge its marquee blockchain unit Quorum with the later. The news comes from people who are familiar with the plans. The deal might be announced officially within the next six months. However, financial terms are still unclear.

Twenty-five people are working on the Quorum team all over the world, but no confirmation has provided that they would continue their work after the merger. Blockchain technology started over a decade ago with the aim of tracking transactions through cryptocurrencies.

Now, over time it has been adopted by banks and other large organizations to be used in their day-to-day activities. These organizations are spending considerable sums to conduct research to integrate Blockchain in their businesses. The results are mixed with a few companies finding them to be very beneficial.

As for JP Morgan, they built their Quorum Blockchain using the Ethereum network. JP Morgan has been using Quorum Blockchain to run the Interbank Information Network, a payment network with more than 300 participating banks.

JP Morgan is the largest bank in the US when assets are considered and is planning to use its own digital currency JPMorgan Coin to make instant payments over the Blockchains.

The merger with ConsenSys would not affect either Interbank Information Network or any other project that is running on Quorum, confirmed a representative from JP Morgan.

JP Morgan has been trying to find new options for Quorum and has concluded that a merger with ConsenSys would be the best option. ConsenSys was one of those Blockchain startups that grew tremendously during the 2017 crypto bubble. ConsenSys was started by Joe Lubin, who also co-founded ethereum.

The company has announced that it would be letting go of 14% of its staff. This downsizing would help with the restructuring of the organization so that it could separate its software development business from its venture activities. The addition of Quorum would be focusing on its software development business.

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