In the coming six months, US investment banking giant JPMorgan Chase is expected to announce that its Quorum blockchain unit is merged with the big boxing company ConsenSys, according to Reuters reports.
Both companies are already negotiating this potential deal, citing a situation approved by Cryptonews.com. The plan after the merger is to keep the Quorum brand and keep the technology open source, Reuters added, citing one source. No further details on the merger were provided.
JPMorgan internally created the Corum blockchain through the Ethereum Network (ETH), while ConsenSys was founded by Joseph Lubin, Ethereum’s founder. Reuters reports that J.P. Morgan has been considering Quorum for about two years.
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It is reported that JPMorgan uses an inter-bank network, a payment network that includes more than 300 banks. The bank also said it would use a forum for issuing JPM coins.
In February, meanwhile, ConsenSys announced it would lay off about 14 percent of the workforce and that it would also be rebuilt. The company was said to separate the software development business from its manufacturing activities, and the reductions allow it to “better meet the needs of a centralized software development company,” he said.