- ConsenSys has acquired the Ethereum-variant platform Quorum from JPMorgan Chase.
- The deal is reportedly worth $50 million.
- ConsenSys CEO Joe Lubin called the acquisition a “match made in blockchain heaven.”
Blockchain software company ConsenSys recently acquired the Ethereum-variant platform Quorum from JPMorgan Chase. ConsenSys will now completely manage Quorum projects and offer software support as it will integrate the existing protocol engineering strategies with the blockchain platform.
In an interview with Forkast, Joe Lubin, the CEO of ConsenSys, said:
We have two layers in our own Hyperledger Besu-based client, both systems have confidentiality overlays and enterprise tooling, effectively. So it became clear that it was kind of a match made in blockchain heaven, because we could move both platforms forward, merge them into one platform.
Hyperledger Besu is an Ethereum project developed by ConsenSys, which grants transactions on the platform compatibility with the public Ethereum mainnet. The recent acquisition deal also involved JPMorgan investing $20 million in ConsenSys. Lubin described this investment as an “ongoing process” and that ConsenSys has acquired “maybe thousands” of end-customers because of the commercial agreement between them.
The new deal marks a significant milestone as decentralized platforms such as Ethereum now have a more substantial role in the traditional banking sector.
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