JPMorgan allowed ConsenSys to acquire Quorum and enhance it

JPMorgan allowed ConsenSys to acquire Quorum and enhance it
фото показано с : invezz.com

2020-8-27 13:42

JPMorgan has had its eye on the crypto industry and the benefits of blockchain technology for quite some time, now. Because of this, the bank recognized the potential of the crypto firm ConsenSys, and it decided to invest in it.

However, the investment does not only include a typical monetary grant. Instead, it also brought a strategic deal that allowed ConsenSys to acquire and manage JPMorgan’s Quorum platform.

Quorum goes to ConsenSys

According to recent information, Quorum will from now on be managed by ConsenSys, which will also work on enhancing the platform’s capabilities. The move was announced earlier this year, and it represents the next step in the crypto company’s plan to move deeper into the waters of enterprise blockchain.

Quorum itself is a permissioned fork of Ethereum, and it will now act as the base for various blockchain initiatives. In addition to Quorum, ConsenSys also received an investment of $20 million of convertible debt.

JPMorgan’s decision to grant Quorum to ConsenSys comes due to the blockchain company’s expertise in the blockchain sector. The company has proven its competence when it comes to the management and development of this technology. And, since Quorum can be further improved, ConsenSys emerged as the best company for doing so.

Now, JPMorgan will become ConsenSys’ customer as it continues to use the Interbank Information Network that Quorum is offering.

ConsenSys will further enhance the platform

ConsenSys’ CEO, Joseph Lubin, commented on the move by saying “We are enormously excited to onboard Quorum into the ConsenSys Enterprise Ethereum stack, and look forward to unifying our Hyperledger Besu-based Enterprise Ethereum client with Quorum, and supporting all of the Quorum installations globally.” Solutions like Quorum are a highly convenient way for corporations that require privacy to benefit from trustless working with selected partners. Such firms cannot function properly on a public ledger, and so solutions like Quorum, that provide payments, risk compliance, asset tokenization, and more, are perfect for them.

The post JPMorgan allowed ConsenSys to acquire Quorum and enhance it appeared first on Invezz.

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Источник: invezz.com

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