Quorum

History

2020: ConsenSys bought Quorum

At the end of August 2020, it became known that JPMorgan Chase sold the banking blockchain platform Quorum, which had previously been spun off into a separate company. The buyer was the software developer Ethereum - ConsenSys.

The launch of Quorum, which is a corporate variant of the Ethereum blockchain, took place in 2016. JPMorgan uses this solution in several own projects, including a messaging system for cross-border payments, as well as the Interbank Information Network (IIN), which is used in more than 75 countries. In addition, the company has its own coin - JPM Coin.

ConsenSys bought Quorum blockchain platform

Umar Faruk, responsible for the development of the blockchain direction at JPMorgan, noted:

The creation of Quorum was a first for J.P. Morgan, both in terms of developing its own blockchain protocol and open source software for the developer community. We are very proud of the opportunity to use Quorum over the past few years and are excited to see ConsenSys as a partner to drive our vision.

Following the purchase of Quorum, ConsenSys is expected to combine the existing roadmap with Quorum and offer a full range of products, services and support for the network. This, in turn, will improve the capabilities of the product. Quorum will remain open source and will interact with other ConsenSys blockchain solutions.

The founder and CEO of ConsenSys, co-founder of the Ethereum project, Joseph Lyubin, noted that the company is very happy to start working with Quorum.

We look forward to continuing our multifaceted partnership with J.P. Morgan, which has been going on for many years and is entering an era of developing interoperability of blockchain products, Lyubin added.[1]

Notes