Ethereum company ConsenSys has acquired the Quorum blockchain platform from one of the largest US financial holding company JPMorgan Chase.
Excited to officially share that ConsenSys has acquired Quorum and will merge the enterprise protocol engineering roadmaps and technology. Check out @annairrera’s piece in @ReutersBiz to learn more! #WelcomeQuorum //t.co/7FBIdZC1X3 pic.twitter.com/V7UjvdYhOL
— ConsenSys (@Consensys) August 25, 2020
As part of the deal, the bank made a strategic investment in ConsenSys. The parties did not disclose the financial terms of the relationship, which they intend to continue.
The Quorum team will remain with JPMorgan, providing a transition period for the platform over the coming year. In the future, the developers will continue to work on other blockchain projects of the bank, said the head of the thematic area at the institution, Umar Faruk.
“We acquired Quorum’s intellectual property rights, JPMorgan made strategic investments, and there is a commercial agreement to continue supporting the bank in its projects,” said Joseph Lubin, founder, and CEO of ConsenSys.
The company will continue to serve the Ethereum-based platform. Quorum is based on the Interbank Information Network (IIN) payment system, which JPMorgan launched in 2017, having than 300 client-banks.