Investment banking giant JPMorgan is reportedly in talks to merge its blockchain unit Quorum with ethereum development studio ConsenSys.
Reuters reported the news on Tuesday, citing “people familiar with the plans.” The deal could formally be announced within the next six months. Notably, the Quorum blockchain is built on Ethereum.
JPMorgan’s Quorum team has around 25 people and it remains unclear whether they will join ConsenSys after the merger, per the report.
The investment bank has reportedly been considering spinning-off Quorum for around two years. The Quorum brand, however, could remain after the merger.
A merger with ConsenSys would also have no impact on JPMorgan’s Interbank Information Network (IIN) and other projects running on Quorum, per the report. IIN was launched in 2017 and allows member banks to exchange information related to international payments on Quorum. Some of the notable banks on the network include Deutsche Bank, Royal Bank of Canada and Australia and New Zealand (ANZ) Banking Group, among others.
This is a developing story…