JPMorgan could merge Quorum with ConsenSys

Within the next six months, US-based investment banking giant JPMorgan Chase is likely to announce that its block-chain unit Quorum is to merge with the large bock-chain company ConsenSys, Reuters reported, citing people familiar with the plans.

Both companies are already in talks about this possible deal, the report said. The plan after the merger is to maintain the Quorum brand and keep the technology as open source, he added, citing one of the sources. No further details about the merger were given.

JPMorgan built the Quorum blockchain internally using the Ethereum (ETH) network, while ConsenSys was founded by Ethereum co-founder Joseph Lubin. According to Reuters, JPMorgan has been considering the spin-off of Quorum for about two years.

As reported, Quorum is used by JPMorgan to operate the Interbank Information Network, a payment network in which more than 300 banks participate. The bank also said it would use Quorum to issue JPM coins.

Meanwhile, ConsenSys announced in February that it has laid off about 14% of its workforce and will also restructure. The company said it will separate its software development business from its venture activities, with the cuts enabling it to “better serve the needs of a focused software development company,” it said.