Reportedly, ConsenSys, a Brooklyn-based technology start-up has acquired Quorum, JPMorgan Chase & Co’s (JPM) marquee block-chain platform. JP Morgan also announced a strategic investment in ConsenSys however, financial terms of the deal remained undisclosed.
“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,” stated ConsenSys Chief Executive and founder Joseph Lubin.
Blockchain has emerged over a decade ago as the software powering cryptocurrency transactions, gaining attention from large corporations and banks. The Quorum block-chain is built internally using the ethereum network, a software that underpins ether, a well-known cryptocurrency. Quorum, which is to remain open-source, is being used by the bank to run the Interbank Information Network, involving payment networks for more than 300 banks.
As per the deal, the Quorum team to remain at JPMorgan and help with the transition over the next year and later work on other blockchain projects.
ConsenSys is a prominent blockchain start-up, it witnessed rapid growth during the 2017 crypto bubble and underwent a restructuring earlier this year to divide its software development business from its venture activities.
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