ConsenSys buys blockchain platform from JPMorgan

ConsenSys buys blockchain platform from JPMorgan
CONTENT

  • A couple of months after the massive layoffs, ConsenSys decided to fork out for JPMorgan’s blockchain

  • Purchase price was not disclosed

  • The bank believes that the product will develop better in the segment of software and services

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Months after layoffs, ConsenSys decided to buy blockchain network from American banking giant JPMorgan

ConsenSys buys blockchain platform from JPMorgan

Ethereum incubator ConsenSys acquires Quorum blockchain platform from banking giant JPMorgan Chase & Co.

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JPMorgan also invested in ConsenSys, but the companies declined to disclose financial terms of the relationship, according to an official press release..

Identifying the consumer market

ConsenSys CEO Joseph Lubin said the bank and the blockchain startup have reached a “commercial agreement to continue cooperation.”.

Quorum developers will stay at JPMorgan and help move the product to ConsenSys over the next year, said Umar Farouk, head of blockchain at JPMorgan..

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“We believe that a platform like Quorum could do better in the hands of a software and services-oriented organization,” he added..

The Quorum network, built on the Ethereum blockchain, is used by JPMorgan to operate the Interbank Information Network, in which more than 300 banks participate.

ConsenSys buys blockchain platform from JPMorgan

By trial and error

Despite the sale of the project, the bank said that they will continue to work with Quorum, as well as with developments based on the product.

The Quorum acquisition comes a few months after ConsenSys laid off more than 14% of its staff.

Remarkably, this is not the first time the company has undertaken mass layoffs..

Back in December 2018, ConsenSys decided to lay off 13% of employees, citing the need to switch to ConsenSys 2.0.

In early June, the company announced the launch of an automated service for tracking transactions on the Ethereum network and ensuring legal compliance in the field of decentralized finance (DeFi) Decentralized finance (DeFi) is financial services built on the basis of blockchain technology that offer users access to an open, efficient and … More).

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