JPMorgan Chase & Co is in talks to merge its marquee blockchain unit Quorum with Brooklyn-based startup ConsenSys, according to people familiar ...
NEW YORK: JPMorgan Chase & Co is in talks to merge its marquee blockchain unit Quorum with Brooklyn-based startup ConsenSys, according to people familiar with the plans.
Blockchain emerged over a decade ago as the software tracking cryptocurrency transactions. Since then, banks and other large corporations have been investing millions of dollars to develop and test a range of business applications using the nascent technology. Efforts have had mixed results, with few projects achieving significant impact.
It is being used by JPMorgan to run the Interbank Information Network, a payments network that involves more than 300 banks. JPMorgan, the largest U.S. bank by assets, also said it would use Quorum to issue a digital currency called JPMorgan Coin that it designed to make instantaneous payments using blockchain.A merger with ConsenSys would have no impact on the IIN and other JPMorgan projects running on Quorum, one of the people said.
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