- JPMorgan’s Quorum reportedly has 25 employees working worldwide towards its development.
- Consensys has purportedly been chosen as the most viable route because of its close work with the Ethereum protocol.
One of the United States’ largest banks, JPMorgan Chase, is reportedly planning to merge its in-house blockchain unit Quorum with the Ethereum-focused company ConsenSys. According to a recent Reuters report, few members associated with the news said that the merger is likely to be announced within the next six months.
Having built on the Ethereum platform, Quorum reportedly has 25 employees working across the globe towards its development. Quorum underlies JPMorgan’s Interbank Information Network (IIN), which has been expanded to comprise a network of 320 banks sharing global payments data over the blockchain. It is also planned as the basis for JPMorgan’s upcoming settlement-focused digital currency, JPM Coin.
The merger would not impact the course of either of these projects. For the past two years, the bank has reportedly mulled various options for Quorum, including establishing a dedicated open-source foundation, creating a new startup or pursuing a merger. Consensys has purportedly been chosen as the most viable route given its close work with the Ethereum protocol.
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