JPMorgan Chase's blockchain-focused department Quorum is about to merge with crypto-startup ConsenSys, Reuters has learned from people familiar with the matter.
The deal is expected to be formally announced within the next six months. However, the financial terms of the deal are still unclear.
At the time of writing, approximately 25 people work at Quorum worldwide. It also remains unclear whether the Quorum's staff will join ConsenSys once the merge is done.
JPMorgan has developed its own Ethereum-based open-source Quorum blockchain network.
The network is focused on managing the Interbank Information Network, a payment network in which more than 300 banks participate.
JPMorgan, which is the largest U.S. financial institution, also announced that it will use Quorum to issue a digital currency called JPMorgan Coin, which is designed to make instant payments with the help of the blockchain technology.
Previously iHodl reported that JPMorgan analyst Nikolaos Panigirtzoglou believes there is still the downside risk for bitcoin (EXANTE: Bitcoin) even though there is high anticipation among market participants amid CME bitcoin options launch.
Recently it was also reported that ConsenSys laid off approximately 14% of its staff to better focus on the company's needs.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.