International Finance

ConsenSys acquires JP Morgan’s blockchain platform Quorum

ConsenSys JP Morgan_IFM_Image
As part of the deal JPMorgan also made a strategic investment in ConsenSys

US-based technology startup ConsenSys has acquired JP Morgan and Chase’s blockchain platform Quorum for an undisclosed amount, the media reported.

As a part of the deal, JP Morgan will make a strategic investment in ConsenSys. According to JP Morgan, the investment will support its mission to help developers build next-generation networks and enable enterprises to launch more powerful financial infrastructure.

ConsenSys Chief Executive and founder Joseph Lubin said in an interview, “We have acquired the Quorum IP, JPMorgan has made a strategic investment, and there is a commercial arrangement to continue to support JPMorgan in their projects.”

Reportedly, ConsenSys will merge its existing protocol engineering roadmap with Quorum.

Umar Farooq, global head of blockchain at JPMorgan, on the other hand, confirmed that the Quorum team will remain at JP Morgan and help with the transition over the next year.

“The creation of Quorum was a first for JPMorgan, both in terms of developing its own blockchain protocol, and open sourcing software for the developer community. We’re incredibly proud of the usage of Quorum over the past few years and are excited to have ConsenSys as a partner to take the vision forward.”

“We believe a platform like Quorum could thrive better in the hands of a software and services oriented organisation,” Farooq added.

Last month, ConsenSys launched an accelerator program aimed at speeding the adoption of Filecoin, the yet-to-be-launched decentralised file storage platform.

The startup made an announcement in July that it has partnered with Filecoin to offer 12 weeks of financial support  of around $80,000, benefits, and guidance on business strategy to between 15 and 20 teams.

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.