Banking giant JPMorgan Chase may soon merge its Quorum blockchain project with ConsenSys, the ethereum-focused software developer and investor.
According to a Reuters report Tuesday citing “people familiar with the plans,” while the terms of the deal currently under discussion are still not agreed, the merger might happen within the next six months.
Quorum was first reported in 2016, creating a wave of excitement as it officially connected the bank with ethereum, even if it was a private version of the tech. The firm suggested at the time that the open source project was a first step toward building a system that could connect private institutions via distributed networks.
Since then, Quorum has had privacy features from ethereum added to it and a major revamp based on the Java programming language in a bid to make it easier for businesses to use and deploy.
It’s also been used as the basis for JPM’s Interbank Information Network, which now has over 365 banks on board. The platform is aimed to allow member banks to exchange information in real time, allowing them to verify payments has been approved
In May 2019, staff at the bank suggested Quorum might be spun off, though it was uncertain if that would be the case at the time.
Reuters sources added that the Quorum unit currently employs roughly 25 people globally, and it’s not yet clear if they would become part of ConsenSys’ team after the merger.
CoinDesk reached out to both parties to confirm the report. JPMorgan declined to comment.
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Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.