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.”
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.