June 25, 2024

JPMorgan Chase negotiates Quorum merger with ConsenSys

The American banking holding JPMorgan Chase is in negotiations to merge its blockchain division Quorum withStartup ConsenSys. The deal will be officially announced within six months.

Today the Quorum team includes about25 people, and it is unknown whether they will continue to work at ConsenSys after the “absorption”. According to JPMorgan management, the merger with ConsenSys will not affect the bank's other projects running on the Quorum blockchain and the Interbank Information Network (IIN), which includes more than 300 financial institutions.

JPMorgan Considers Quorum Expansion Optionsfor two years, which included the creation of a separate organization, a new start-up or a merger with another company. The choice of ConsenSys is due to the fact that both organizations use solutions on Ethereum. They had previously worked on joint initiatives, including — project of the Token Taxonomy Initiative (TTI).

In addition, ConsenSys announced last weekon restructuring the company to focus on two areas: development and venture investment, while reducing 14% of its employees. Thus, if the merger with Quorum takes place, it will contribute to the development of the new ConsenSys software division. Financial terms of the deal have not yet been disclosed.

As a JPMorgan bank employee said six months agoOli Harris, the Quorum blockchain has significantly strengthened its position and become available to various companies, partly thanks to cooperation with Microsoft Corporation, which integrated Quorum into the Microsoft Azure cloud platform.