JPMorgan in talks to merge blockchain unit Quorum with startup ConsenSys


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JPMorgan in talks to merge blockchain unit Quorum with startup ConsenSys

NY-based United States’ largest lender, JPMorgan Chase & Co., had been in an advanced stage talk to merge its blockchain wing Quorum with a blockchain startup ConsenSys, at least five people familiar with the subject-matter had unveiled on Tuesday, the 11th of February 2020 on condition of anonymity.

Aside from that, two of the five sources close to Brooklyn-based ConsenSys alongside JPMorgan Chase & Co.’s Quorum had confirmed on Tuesday (February 11th) that a merger deal would likely to be announced by the second half of the year, however, the sources had also added that the company’s had yet to agree over the financial terms of the deal.

Besides, a source close to JPMorgan Chase & Co., the sixth-largest lender across the globe with a net asset worth of $2.687 trillion as of December 31st 2019, was also quoted saying it remained unclear whether the people currently working for Quorum team across the globe would be joining the ConsenSys workforce following completion of the merger.

In point of fact, JPMorgan’s Quorum, built entirely on Ethereum network and employing 25 people around the world, was being used to operate an Interbank Information Network, a blockchain network that includes more than 300 lenders across the globe.