According to an announcement made by ConsenSys today on Thursday, the blockchain software technology company has successfully acquired the blockchain platform of the major bank JPMorgan Chase “Quorum”. As per the August 25 announcement, the largest bank of America has made a strategic investment into ConsensSys the Ethereum-based blockchain software developer which led ConsenSys to acquire the Quorum blockchain platform.
The Acquisition of Quorum
As per the announcement, America’s major bank JPMorgan Chase and ConsenSys have formed a strategic partnership with each other. As a part of this strategic deal and the investment made by JPMorgan, ConsenSys has acquired the distributed ledger technology (DLT) platform of the bank. Now, ConsenSys will manage the open-source project Quorum.
While commenting on the acquisition of Quorum in a statement, the founder of ConsenSys Joe Lubin said:
“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. We look forward to continuing our multifaceted partnership with J.P. Morgan for many years and ushering in an era of enterprise and mainnet compatibility.”
Any other details such as financial details are still unknown as they have not revealed these details regarding this deal between JPMorgan and ConsensSys.
A Step toward the enterprise adoption of DLT
The software technology company says in the announcement post that this acquisition marks a significant step towards accelerating the enterprise adoption of distributed ledger technology. The company said:
“The acquisition is a major step in the acceleration of enterprise adoption of blockchain technology and Ethereum-based solutions. By using Quorum with ConsenSys’ other enterprise product offerings, businesses can build highly customizable, secure, and performant solutions.”
Furthermore, the CEO of ConsenSys said that the strategic investment made by JPMorgan is beneficial for the company. This investment will help the company to further work on the development of its new software products according to the announcement. ConsenSys has now announced its new open-source protocol offering in the form of ConsenSys Quorum.
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