JP Morgan Chase & Co is planning to continue working with the Quorum blockchain by integrating and improving it with the startup ConsenSys, an American company that utilizes Ethereum.
According to informed sources cited by The New York Times, where the news first appeared, the formal announcement could take place in the next 6 months.
With about 25 people working on it, JP Morgan’s Quorum blockchain is a sort of private version of the Ethereum blockchain developed by the same bank and is intended to be used to handle payments, such as those of the Interbank Information Network, a system currently used by over 300 financial institutions.
It seems that some time ago, JP Morgan started thinking about making a spin-off of Quorum and having an open-source foundation together with other companies, so the union with ConsenSys might not be surprising.
JP Morgan and the blockchain
In February 2019, JP Morgan announced the project for a crypto called JPM Coin to be used for international payments, treasury services and security transactions, although in the meantime the bank – as well as others – closed accounts which used cryptocurrencies without giving a satisfying explanation.
JP Morgan has also recently helped the Monetary Authority of Singapore (MAS) to launch a blockchain-based payment system as part of Ubin‘s largest project to explore the use of DLT for the clearing and settlement of payments and securities.
According to Wikipedia, Consensys is a company founded back in 2014 and with over 900 employees, therefore with a great experience in the development of Ethereum and a huge team.
However, from current sources, it is not clear how the union of the two technologies and/or the two companies will take place and it seems that no one is prepared to give explanations and confirmations on the subject yet.