Blockchain startup ConsenSys Buys Quorum Platform from J.P. Morgan


ConsenSys, a Blockchain software company, has now acquired Quorum, an enterprise variant of the Ethereum blockchain developed by the JP Morgan.

ConsenSys is founded by Joseph Lubin in the year 2014. It is a blockchain venture production studio building decentralized applications, mostly on Ethereum. ConsenSys spawns, incubates, coordinates, and accelerates single-purpose vehicles via internal development, investments, acquisitions, or the formation of joint ventures.

Executive Opinion

Umar Farooq, Global Head of Blockchain, J.P. Morgan, said, "The creation of Quorum was a first for J.P. Morgan, both in terms of developing its own blockchain protocol, and open sourcing software for the developer community. We’re incredibly proud of the usage of Quorum over the past few years and are excited to have ConsenSys as a partner to take the vision forward."

Joseph Lubin, Founder and CEO of ConsenSys and Co-creator of Ethereum, said, "Even before the very first block on Ethereum was mined and ConsenSys was formed, we’ve collaborated with J.P. Morgan on Ethereum proofs of concept and production systems. We are enormously excited to onboard Quorum into the ConsenSys Enterprise Ethereum stack, and look forward to unifying our Hyperledger Besu-based Enterprise Ethereum client with Quorum, and supporting all of the Quorum installations globally. We look forward to continuing our multifaceted partnership with J.P. Morgan for many years and ushering in an era of enterprise and mainnet compatibility".

ConsenSys's Quorum acquisition

Additionally, JP Morgan made a strategic investment in ConsenSys to support its mission to help developers build next-gen networks and enable the enterprises to launch a more powerful financial infrastructure.

ConsenSys will now offer a full range of products, support, and services for the Quorum, accelerating the availability of features and capabilities, such as document management and digital asset functionality.

ConsenSys will merge its existing protocol engineering roadmap with the Quorum, leveraging the best of both codebases. All Enterprises Ethereum protocol technology at ConsenSys will fall under the ConsenSys Quorum brand, and developers will have the option to choose their underlying technology stack.

JP Morgan will be a customer of ConsenSys advanced features and services deployed on Quorum.

PC: Pablo, Unsplash

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Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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