ConsenSys buys blockchain platform from JPMorgan

ConsenSys buys blockchain platform from JPMorgan

  • 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

International consortium of news organizations developing transparency standards.

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.

Join our telegram channel to keep abreast of the main trends in the crypto market.

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..

Learn how to trade on the cryptocurrency market with BeInCrypto partner – StormGain cryptocurrency exchange

“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).

What do you think? Share your thoughts with us in the comments and join the discussion in our Telegram channel.


All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles