Quorum blockchain moves from JP Morgan Chase to ConsenSys 

• An enterprise blockchain platform developed by the banking giant JP Morgan Chase, Quorum is just about to be acquired by ConsenSys. 

• An undisclosed strategic investment was also made by JP Morgan into ConsenSys but neither company confirmed the side of the investment made by the bank.

An enterprise blockchain platform developed by the banking giant JP Morgan Chase, Quorum is just about to be acquired by ConsenSys. An undisclosed strategic investment was also made by JP Morgan into ConsenSys but neither company confirmed the side of the investment made by the bank.

However, it was confirmed by ConsenSys that funds were being raised and that a range of additional investors is getting involved with the bank.

So from now on, JP Morgan is going to be a customer of ConsenSys when it comes to the acquisition of the two companies. This means that they will offer software support and services to projects deployed on Quorum.

ConsenSys is planning to merge together it’s current protocol engineering roadmap with Quorum which would leverage the best of both codebases on the backend.

Daniel Heyman, engineering manager at ConsenSys spoke on the matter and said the following:

“One of the parts of taking over this technology is that we’ll be supporting JPMorgan in [its] blockchain efforts. Then we’ll be able to leverage a lot of the work that JPMorgan has done that’s been internal for a long time, and support the ecosystem as other people want to use that technology.”

For those that don’t know, Quorum is a privacy centred fork of Ethereum. As more projects started getting involved on the network, it became very clear that the financial institution of JP Morgan Chase wasn’t the right fit to maintain such a large scale project.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!