Within the next 6 months, U.S.-based financial investment banking giant JPMorgan Chase is most likely to reveal that its blockchain system Quorum is combining with significant bockchain business ConsenSys, Reuters reported, pointing out individuals acquainted with the strategies.
Both business are currently in talks over this possible offer, the report stated. The strategy after the merger is to preserve the Quorum brand name and keep the technology open source, it added, pointing out among the sources. No even more information about the merger were offered.
JPMorgan built the Quorum blockchain internally utilizing the Ethereum (ETH) network, while ConsenSys was established by Ethereum co-founder Joseph Lubin. According to Reuters, JPMorgan has actually been thinking about spinning off Quorum for around 2 years.
As reported, Quorum is being utilized by JPMorgan to run the Interbank Info Network, a payments network that includes more than 300 banks. The bank stated it would utilize Quorum to release JPM Coin.
On The Other Hand, in February, ConsenSys stated it laid off around 14% of its labor force, and it will likewise reorganize. The business stated that it will separate its software application advancement business from its venture activities, with the cuts permitting it to “be much better lined up with the requirements of a concentrated software application advancement business,” it stated.
Cryptonews.com has actually connected to JPMorgan and ConsenSys for a comment and will upgrade this story as soon as we hear back.