JPMorgan Chase:

The blockchain space may soon see the biggest merger with traditional finance.

JPMorgan Chase – the largest US bank, is believed to be considering merging its internal blockchain unit – Quorum, with a large company focused on Ethereum ConsenSys.

Follow report Reuters said on 11 February, citing unnamed people familiar with the matter, the merger could be officially announced within the next six months. The financial terms of the reported agreement have not yet been specified.

A great advantage for Ethereum

Quorum is JPMorgan's own blockchain platform, built on the Ethereum protocol, and currently has around 25 employees globally working to develop the project.

Quorum is the foundation for JPMorgan's Interbank Information Network (IIN) – a blockchain network of 320 banks that share global payment data via blockchain.

The platform is also planned to be the basis for JPMorgan's upcoming payment-focused digital currency – named JPM Coin, which was first announced in mid-February last year.

A merger with the Consensys in the future will not affect the development of IIN or JPM Coin, a source told Reuters.

Over the past two years, the US giant has offered various options for Quorum, including setting up a dedicated open source platform, creating a new startup, or pursuing a merger.

Consensys has identified itself as the most viable route by working closely with the Ethereum protocol.

Recent developments at Consensys and JPMorgan

A report last week said Consensys had cut 14% of its employees as part of a restructuring plan to separate the company's software development work from risky activities.

While JPM Coin has not been released to date, JPMorgan recently built a private, public blockchain network called Kadena, including smart contract functionality.

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According to CoinTelegraph
Translated by ToiYeuBitcoin

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