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It is expected that within the next 6 months, JPMorgan will officially announce the merge of its blockchain system Quorum with that of ConsenSys. The companies are in talks now.
JPMorgan Chase & Co, one of the largest banks in the United States by assets, is considering merging its blockchain unit Quorum with Brooklyn based startup ConsenSys. This is according to a post on Reuters posted on February 11 analyzing the deal and its possible outcome.
According to the post, the deal is likely to be completed within the next six months if all goes to plan, although the financial terms are not clear. The merger will not negatively impact the IIN and other projects that JPMorgan is running on Quorum.
Furthermore, the move to merge their services is based on the fact that they both work with the Ethereum blockchain. In addition to the two organizations working jointly in the past.
Quorum is used to run the Interbank Information Network, and also a payment network that involves hundreds of banks. The bank has been considering to use Quorum in issuing a digital currency called the JPMorgan Coin to facilitate fast payments using the blockchain technology.
On the other hand, ConsenSys is a Brooklyn based blockchain startup that saw its capital grow during the 2017 crypto bubble that happened in most crypto assets. It was founded by one of the co-founders of Ethereum Joseph Lubin. Despite the positive income in the previous years, ConsenSys announced that it had laid off a huge chunk of its staff, during the recent separation of its software development project with other businesses.
What Is in the Merger of JPMorgan and ConsenSys?
The two organizations having their background in blockchain embedded in Ethereum, the mother of the famous crypto-asset ETH, the merging of their software development will be a huge leap in the traditional financial system.
According to Reuters, merging of Quorum with ConsenSys would effectively align the startup in growing its software development team and capabilities.
Since Quorum is built in an open-source whereby its source code is made free to be modified and redistributed by many, the idea to merge will maintain the original Quorum brand.
After ConsenSys suffered income losses, it is expected that after the merger takes effect, the startup will benefit from the opportunity of working together with a huge financial institution with years of experience.