Reuters reported today that JP Morgan is in discussions to merge its blockchain unit Quorum with Consensys. The deal is likely to be announced within the next six months according to sources. JPMorgan has been considering spinning off Quorum for around two years.
Why it matters:
Since April of last year, Consensys has sought up to $200 million in funding to move beyond being self-funded by founder Joe Lubin. A deal with JP Morgan would likely involve Quorum merging into Consensys with JP Morgan injecting some capital into the combined entity.
The news comes just a week after Consensys revealed its second restructuring, laying off 14% of its employees and simplifying its business into software and investment arms