JP Morgan Is In Talks To Merge Its Blockchain Unit With ConsenSys

Within the next 6 months JP Morgan is said to merge blockchain units with ConsenSys.

The financial terms are still unclear. Around 25 people currently work on the JP Morgan Quorum team globally, and it is unclear whether they will join ConsenSys after the merger.

JPMorgan built the Quorum blockchain internally using the ethereum network.

It is being used by JPMorgan to run the Interbank Information Network, a payments network that involves more than 300 banks. According to Reuters it is being used by JPMorgan to run the Interbank Information Network, a payments network that involves more than 300 banks.

JP Morgan also said it would use Quorum to issue a digital currency called JPMorgan Coin that it designed to make instantaneous payments using blockchain. A merger with ConsenSys would have no impact on the IIN and other JPMorgan projects running on Quorum, one of the people said.

JPMorgan has been considering spinning off Quorum for around two years, evaluating options including setting up an open-source foundation, creating a new startup or merging it with another company.