ConsenSys acquires Quorum, JPMorgan's blockchain platform

ConsenSys, a company specializing in the development of solutions based on Ethereum, has just acquired Quorum, the blockchain platform from the American bank JPMorgan.

ConsenSys and JPMorgan finally materialize

In parallel with this acquisition, JPMorgan strategically invested in ConsenSys “to support its mission to help developers build next generation networks and enable businesses to launch better performing financial infrastructures.”

While details of the deal were not disclosed, sources familiar with the matter have previously estimated that JPMorgan is looking to invest $ 20 million in ConsenSys, in the context of launching a broader fundraising campaign to match $50 million:

The creation of Quorum was a first for JPMorgan, both in terms of developing its own blockchain protocol and open source software for the developer community.

Said Umar Farooq, blockchain manager at JPMorgan.

We are incredibly proud of the use of Quorum over the past several years and we are delighted to have ConsenSys as a partner in advancing the vision.

For its part, ConsenSys is delighted to continue its highly prolific partnership with JPMorgan for many years and to usher in an era of compatibility between companies and Ethereum:

Even before the very first block on Ethereum was mined and ConsenSys was created, we worked with JPMorgan on Ethereum.

We are very pleased to be able to integrate Quorum into the ConsenSys Enterprise Ethereum stack, and we look forward to supporting all Quorum installations globally.

Said Joseph Lubin, Founder and CEO of ConsenSys and co-creator of Ethereum.

A second opportunity for ConsenSys

According to the press release, ConsenSys will merge its development plan with Quorum, leveraging the best of both platforms.

All ConsenSys “Enterprise Ethereum” protocol technologies will be grouped under the ConsenSys Quorum brand, and developers will be able to choose their underlying technology stack.

“Enterprise Ethereum” refers to a defined set of recommendations and technical specifications aimed at accelerating the adoption of the Ethereum blockchain by businesses.

In addition, Quorum will remain open source and will become interoperable with other ConsenSys blockchain solutions, such as the Codefi financial and business application suites.

It should be noted that JPMorgan will use the advanced features and services of ConsenSys which will be deployed on Quorum.

ConsenSys to gain more users with Quorum acquisition

Having experienced financial difficulties for several months now, the acquisition of Quorum will certainly allow ConsenSys to finally regain color. By integrating Quorum into its ecosystem, ConsenSys therefore acquires many customers.

Thanks to the significant financial support that ConsenSys receives from JPMorgan, the company still has a bright future ahead of it.

Knowing that Ethereum 2.0 will arrive soon, ConsenSys will benefit greatly to offer solutions more suited to the needs of companies, which will also strengthen its ecosystem.