JP Morgan is planning to<a href="https://www.reuters.com/article/us-jp-morgan-blockchain-exclusive/exclusive-jpmorgan-in-talks-to-merge-blockchain-unit-quorum-with-startup-consensys-sources-idUSKBN2051AW?rpc=401&amp;"> merge</a> its blockchain unit Quorum with Ethereum-focused software developer and investor, ConsenSys. According to the closed sources, both the company would finalize the deal within six months. At present, 25 people have been working on Quorum and after the merger, whether they (25 people) would join ConsenSys or not, that was unclear.
<h2>Quorum Tracks Crypto Transaction</h2>
The blockchain unit of Quorum was developed to track transactions related to cryptocurrency. The blockchain was developed internally, using one of the most well-known blockchain network Ethereum.

A quorum was being used as a payment network, by<a href="https://www.cryptoknowmics.com/crypto/btm-blockchain-signs-system-integrator-agreement-with-proximax/"> JP Morgan</a>, among more than 300 banks. JP Morgan has asserted that soon it would be launching a digital currency JPMorgan coin for instant payment using the Quorum technology. 
<h2>Spinning-Off Quorum</h2>
According to the sources, the earlier projects of JP Morgan which were running on Quorum, would not get affected after the merger with<a href="https://www.cryptoknowmics.com/crypto/consensys-to-build-ethereum-based-blockchain-platform-for-covantis/"> ConsenSys</a>. The sources further mentioned, “JPMorgan has been considering spinning off Quorum for around two years, evaluating options including setting up an open-source foundation, creating a new startup or merging it with another company.”

While appreciating Quorum’s merger with ConsenSys, the source stated that it was the best path for both the organizations because they work with Ethereum and had worked with each other in the past also.

ConsenSys is the prominent blockchain, founded by Joe Lubin. Recently, the company laid off 14 percent of its staff to separate its software development business from its venture. It has been reported that after the ConsenSys merger with Quorum its (ConsenSys) software division would start growing.

The source mentioned that Quorum is an open-source technology that could easily be modified and redistributed. After the merger with ConsenSys, the organization (Quorum) plans to maintain the brand and keep the technology open.

JPMorgan Planning To Merge Quorum With Ethereum Studio ConsenSys

JP Morgan has been planning to merge its blockchain unit Quorum with Ethereum-focused software developer and investor, ConsenSys

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

JPMorgan Planning To Merge Quorum With Ethereum Studio ConsenSys

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