Today Reuters reported that blockchain firm ConsenSys is in discussions with JP Morgan about a merger for the bank’s enterprise blockchain Quorum. The report says a deal is six months away. The question is whether or not this is a good move for both parties. And for the future of Quorum. Because ConsenSys has built Quorum’s biggest competitor.
JP Morgan developed the open source solution, a permissioned enterprise version of Ethereum, in-house. After Quorum’s founder Amber Baldet left the bank in April 2018, rumors started to surface about JP Morgan spinning out the blockchain protocol.
The bank uses the platform for a number of internal solutions, including the Interbank Information Network (IIN) for exchanging payment-related messages with more than 300 banks involved. Additionally, its digital currency JPM Coin also uses the platform. And it conducted a variety of trials, including for loan issuance.
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