The marquee blockchain platform Quorum of JPMorgan Chase & Co has recently been obtained by Brooklyn-based tech startup ConsenSys.
Quorum Team To Help JPMorgan
On August 25, while making an announcement about its recent development, ConsenSys notified that the New York-based financial service company has also made a strategic investment in it.
However, neither of them have disclosed the financial terms of the relationship.
Recently, in an interview, the Chief Executive and the founder of ConsenSys, Joseph Lubin, said,
“We have acquired the Quorum IP, JPMorgan has made a strategic investment, and there is a commercial arrangement to continue to support JPMorgan in their projects.”
Umar Farooq, the global head of blockchain at JPMorgan, in a public statement has mentioned that currently, the team of Quorum would be working at JPMorgan only.
He stated that by the year 2021, the team will be helping JPMorgan in its further development and after that, they would start working on other blockchain-related projects.
Farooq believes that the software and service-oriented organizations would help Quorum in its growth.
Quorum Developed On Ethereum Network
In February 2020, a report published notified that JPMorgan and ConsenSys had been looking forward to signing a deal together.
JPMorgan developed Quorum blockchain using the Ethereum Network for operating an Interbank Information Network.
The report states that IIN is a payment network that contained more than 300 banks. Further, the largest bank of the US started using the blockchain platform for releasing its own digital currency called JPMorgan Coin.
Over a decade ago, blockchain had been introduced as software that processes crypto-related transactions. Since that time, many of the organizations have come forward and invested in it to use this technology for developing and testing business applications.
Notably, the efforts put by the organizations have got mixed results.