Ethereum development studio ConsenSys, which was established by Ethereum co-founder Joseph Lubin, has made a very important acquisition today. ConsenSys has incorporated Quorum, the corporate blockchain platform developed by JP Morgan Chase, one of the world’s largest banking institutions.
Giant Investment from Ethereum Development Studio
In addition, it was stated that the giant bank made an unspecified amount of investment in ConsenSys. In the statement released by the two companies, no comment was made on the amount of the investment. In fact, ConsenSys has emphasized in a previous statement that they are in the process of raising funds from a number of investors, including JP Morgan. In a news article published on this subject in February, we shared with you that this cooperation could be announced very soon.
It is stated that even if the Quorum blockchain network is purchased, JP Morgan will continue to use it. The blockchain network, which will be referred to as the ConsenSys Quorum brand, has made JP Morgan a customer of ConsenSys. ConsenSys executive Daniel Heyman said in a statement on the subject that they bought the Quorum and gave the message that they would actually support JP Morgan’s blockchain-focused efforts. It is also emphasized that many projects planned by JP Morgan but could not be implemented yet will be implemented by ConsenSys in the long term. It was stated that JPM Coin in the Quorum network will be 100% under JP Morgan’s control despite this purchase.
Quorum, known as the privacy-focused hard fork of the Ethereum network, proved how successful it actually was with this acquisition. While many institutions are already positive about blockchain, this situation can allow more companies to enter the industry.