ConsenSys acquires JPMorgan’s Quorum blockchain platform

The Ethereum-focused company ConsenSys has acquired the Quorum blockchain platform from JPMorgan Chase, the largest US financial holding by assets.

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 https://t.co/7FBIdZC1X3 pic.twitter.com/V7UjvdYhOL

— ConsenSys (@Consensys) August 25, 2020

As part of the deal, the bank made strategic investments 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 for the next year, providing a transitional period for the platform. Going forward, the developers will continue work on the bank’s other blockchain projects, said Umar Faruk, head of the thematic direction at the institution.

“We acquired the Quorum intellectual property, 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 service the Ethereum-based platform. Built on Quorum is the Interbank Information Network (IIN), a payments system JPMorgan launched in 2017. It has more than 300 banks as clients.

Details about a possible merger of JPMorgan’s blockchain unit and ConsenSys became known in February this year. In August JPMorgan led a $50 million funding round for a Brooklyn-based startup.

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