ConsenSys confirms acquisition of JPMorgan's Quorum, strategic investment from Wall Street megabank
August 25, 2020, 10:16AM EDT
1 min read
The Ethereum-focused industry startup ConsenSys announced Tuesday the acquisition of JPMorgan's Quorum blockchain unit, confirming The Block's previous reporting.
In addition, JPMorgan has "made a strategic investment in ConsenSys to support its mission to help developers build next-generation networks and enable enterprises to launch more powerful financial infrastructure," according to a press release.
Earlier this month, The Block's Frank Chaparro reported that the Wall Street megabank was set to lead a fundraise for Ethereum infrastructure firm ConsenSys, citing two sources familiar with the deal. Though Tuesday's announcement did not contain specific figures — Reuters said that the firms "declined to disclose financial terms of the relationship, which will remain ongoing" — sources previously said that JPMorgan was looking to invest $20 million as part of a broader $50 million deal.
"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," ConsenSys founder Joe Lubin said in a statement. "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."