Six months ago, Reuters revealed that JP Morgan might transfer its open source enterprise blockchain Quorum to ConsenSys. Today The Block cites unnamed sources saying there are advanced discussions involving JP Morgan investing $20 million in ConsenSys as part of a $50 million convertible debt deal. And ConsenSys would take over the maintenance and support of Ethereum based Quorum.
Oli Harris, JP Morgan’s Head of Digital Asset Strategy and Quorum, also jumped ship to Goldman Sachs just weeks ago, which may signal the deal’s advanced stage.
Joe Lubin founded ConsenSys and was one of the original backers of Ethereum. To date, the firm has been primarily funded using Lubin’s Ethereum wealth, but there have been several rounds of layoffs, including a 14% staff cut in April. A year earlier, ConsenSys was rumored to be looking to raise $200 million and restructured the firm, so it was less like a conglomerate.
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