One of the most prominent names in the world of finance and asset management, JPMorgan Chase & Co, is likely to push its marquee blockchain unit Quorum with blockchain-based startup ConsenSys. People close to the financial giant commented that the plans emerged recently, but there is still no information about the deal. JPMorgan’s Quorum team consists of 25 workers worldwide, and it is still unclear whether the merge would join their team with the team at ConsenSys.
Dubbed as the biggest bank in the United States based on asset worth, JPMorgan has a long relationship with cryptocurrencies. The bank pushed its Quorum blockchain, built on the Ethereum network, which proves Ethereum’s importance as one of the best developed and studied cryptocurrencies to date. JPMorgan’s blockchain also used its Quorum blockchain to push the Interbank Information Network (IIN). The IIN resembles a payment network, utilized by over 300 banks all over the world. JPMorgan also announced the idea the bank would use the network for driving its digital currency – the JPMorgan Coin. The token will serve as a medium for instant cross-border blockchain-based payments.
Тhe rumored merge would not affect Quorum’s functionality, as well as ConsenSys’ operations, as the two companies did joint ventures in the past. Also, ConsenSys is founded by Ethereum’s co-founder Joseph Lubin, so the two teams might establish a well-developed partnership. However, during the recent restructuring, 14 percent of the staff at ConsenSys lost their jobs, as the company divided the software development and venture activities. If the merge deal with JPMorgan succeeds, the focus of ConsenSys would further shift into software development.
Quorum emerged as an open-source blockchain project, which means the blockchain is free for modifications and re-distributions. At least for now, JPMorgan doesn’t show any signs of altering the open-source nature of the project, but will most likely secure the brand Quorum.
ConsenSys started its life in 2014 and quickly managed to take the niche of providing blockchain development tools across the entire Ethereum ecosystem. In the meantime, ConsenSys also provides full-scale Ethereum enterprise solutions for non-government organizations, governments, corporations, and IT companies. The Switzerland-based company expanded its presence into 30 countries and continues to drive innovation in the blockchain sector.
One such innovation is the transition to the so-called Web 3.0. One of the main goals for the team at ConsenSys is to transform the current digital architecture to a more secure, open-sourced, and inclusive platform. Web 3.0 would be a massive upgrade for anyone, as the current form of the Internet is limited to interact online and digitize their information. However, Web 3.0 would enable local communities to communicate and transfer data in a secure, efficient, and transparent manner.