JPMorgan Considers Merging Blockchain Unit with Consensys
The blockchain world might quickly be seeing a significant merger with the normal monetary sector.
Based on a Reuters report on Feb. 11, unnamed individuals conversant in the matter declare that the merger is more likely to be formally introduced throughout the subsequent six months. The monetary phrases of the deal reportedly stay to be labored out.
Ethereum ties are a plus
Quorum is JPMorgan’s non-public blockchain platform constructed on the Ethereum protocol, and reportedly has roughly 25 workers deployed worldwide presently engaged on its improvement.
Quorum underlies JPMorgan’s Interbank Info Community (IIN), which has been expanded to comprise a community of 320 banks sharing world funds information over the blockchain.
Additionally it is deliberate as the premise for JPMorgan’s forthcoming settlement-focused digital foreign money, JPM Coin, first introduced in mid-February of final yr.
A potential merger with Consensys would affect neither the course of the IIN or the JPM Coin, a supply reportedly informed Reuters.
For the previous two years, the financial institution has reportedly mulled varied choices for Quorum, together with establishing a devoted open-source basis, creating a brand new startup or pursuing a merger.
Consensys has purportedly been chosen as essentially the most viable route given its shut work with the Ethereum protocol.
Latest developments at Consensys and JPMorgan
Consensys final week revealed it was transferring to chop its worker base down by roughly 14% as a part of a restructuring that can separate the agency’s software program improvement work from enterprise actions.