JPMorgan’s Ethereum Based Quorum Blockchain Project May Merge With ConsenSys
The banking behemoth JPMorgan Chase may merge its blockchain service with the Ethereum (ETH)-focused investor and software developer ConsenSys, states a Reuters report on Tuesday.
The report cites a couple of sources that have knowledge of the merger talks but aren't willing to disclose full details yet. The two companies are still in discussions and haven’t yet agreed on anything. The two sources claim that the merger will most likely take place in the next 6 months.
The Quorum Project Started in 2016…
The Quorum project was reported for the first time in 2016, when it caused a lot of excitement, as it was officially connecting JPMorgan with Ethereum, even if only in a private version of the technology. At that time, the bank said the open-source project is an important step towards developing an efficient system that connects private institutions by the means of a distributed network.
… and Developed Greatly Ever Since
From the time it was launched until today, Quorum had Ethereum privacy features added, not to mention it was majorly revamped using the Java programming language in order to be easier to deploy and to use by businesses.
The JPM’s Interbank Information Network used it as a basis. The network now has more than 365 banks enrolled. It features a platform that allows its member banks to exchange information and verify payments in real-time.
Will the Quorum Unit Be Part of the ConsenSys Team?
In May of last year, JPMorgan Chase staff suggested the Quorum project may be abandoned, but the rumors weren’t confirmed and instead soon forgotten. Sources from Reuters said there are about 25 people now working at Quorum.
Regarding the merger, it’s not yet clear if these employees are going to join the ConsenSys team or not after the partnership will begin. Just last week, ConsenSys announced 14% of its staff would be cut to thin out the company. Potentially eyeing a $200 million raise.
Neither JPMorgan nor ConsenSys has made any public comments on the matter.