Ethereum development studio ConsenSys acquired JPMorgan’s blockchain platform Quorum, while JPMorgan invested strategically in ConsenSys.
Banking giant JPMorgan’s interest in Ethereum continues.
According to Reuters, Brooklyn central technology startup and Ethereum development studio ConsenSys bought JPMorgan’s blockchain platform Quorum. As part of the deal, JPMorgan has made a strategic investment in ConsenSys. However, the companies refused to share the financial details of the deal.
“We bought Quorum,” Joseph Lubin, the founder of ConsenSys and also the founding partner of Ethereum, said in a statement on the subject. JPMorgan has also invested strategically and we have an agreement to continue supporting JPMorgan in their projects. ” said.
Umar Farooq, head of JPMorgan’s global blockchain, said the Quorum team will stay with JPMorgan over the next year to assist the transition, and then begin work on other blockchain projects. Farooq continued, “We believe that a platform like Quorum can develop better in the hands of a software and service oriented organization.” used the expressions.
It was written that both parties held a meeting in February.
Quorum is a private platform developed by JPMorgan and running on the Ethereum blockchain. Quorum is used by the bank in the Interbank Information Network, a payment network that includes more than 300 banks. Quorum will continue to be used by these banks.
ConsenSys is a leading blockchain startup that grew rapidly during the cryptocurrency craze of 2017.
Finally, JPMorgan is conducting a large number of studies on Blockchain and crypto money in different lanes. Last year, the bank developed a cryptocurrency called JPM Coin. It was also said that JPMorgan was testing Ethereum’s zero-knowledge proof-based privacy technology. The American bank has also started providing banking services to Coinbase and Gemini in recent months. This development was the first for the bank, and it also represented a change in cryptocurrency perspective. As it is known, JPMorgan CEO Jamie Dimon has described Bitcoin as “fraud” in recent years and said that if he sees an employee who buys and sells Bitcoin, he will fire him.