In a Strategic Expansion… ConsenSys Acquires JPMorgan’s Blockchain Platform
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Answer In a Strategic Expansion… ConsenSys Acquires JPMorgan’s Blockchain Platform
Brooklyn-based startup ConsenSys has acquired JPMorgan’s Quorum platform, according to the company. Source.
As part of the deal, JPMorgan also made a strategic investment in ConsenSys, but the parties declined to disclose the financial terms of the partnership, which will continue, the statement said.
Joseph Lubin, CEO and Founder of ConsenSys, said:
We have acquired Quorum, JPMorgan has made a strategic investment in our company, and there is a commercial arrangement to continue supporting JPMorgan in their projects.
Omar Farouk, Global Head of Blockchain Technology at JPMorgan, said:
The Quorum team will remain at JPMorgan and will help with the transition to blockchain over the next year and will later work on other blockchain projects.
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We believe that a platform like Quorum can better thrive in the hands of an enterprise oriented towards blockchain software and services.
The discussion and negotiation between the two parties appeared in the month of February.
Blockchain technology, which emerged more than a decade ago as the software that supports cryptocurrency transactions, has since invested millions of dollars to develop and test a range of business applications using this emerging technology.
Read:The story of a trader who lost more than $500,000 in cryptocurrency investments
Efforts in research and development of blockchain technology have had mixed results, with only a few projects achieving a significant impact.
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