JP morgan looks to merge with Consensys

JP Morgan Looks To Merge Its Blockchain Unit Quorum With Consensys

The crypto community is looking for the upcoming merger- JP Morgan looks to merge with Consensys. To be clear in that news, JP Morgan Chase & Co., the banking giant, is looking to merge its blockchain unit, Quorum with ConsenSys LLC, according to Reuters. Reuters also stated that the upcoming merger (JP Morgan looks to merge with Consensys) will expect to announce formally within six months. But details surrounding this event still remain foggy.

JP Morgan looks to merge with Consensys- Does it make any impact on ETH?

How much you know about JP Morgan’s blockchain unit Quorum? Actually, Quorum blockchain has been built on the Ethereum network. Moreover, it is used by JP Morgan to run a payment network. And that includes more than 300 banks, the Interbank Information Network. 

JP Morgan is the largest bank in the US by assets. According to the source news, 25 people are currently working in the Quorum team globally. They are offering their own intra-bank digital asset dubbed JPM Coin that is built upon the Ethereum (ETH) blockchain. 

Now, it seems JP Morgan could be dipping its footsteps into the Ethereum ecosystem. But analyst believes the merger would be highly bullish for ETH  price action. Though it is not possible to influence cryptocurrency current price, as the news not officially announced yet. 

Satoshi Flipper, a prominent cryptocurrency analyst, tweeted his opinion about the merger. This merger could be the JPMorgan’s endeavor to increase its presence within blockchain premises before launching of ETH 2.0. 

JP morgan wants to merge with Consensys

                                                                            Source: Twitter

But still, it is not possible to say confirm, as the detail is to be formally announced within the next six months. However, the financial terms remain unclear. There is lots of time for things to change. Later it could be leading the Ethereum investors to express some caution when it comes to trading this news.

JP Morgan looks to merge with Consensys

According to source news, JP Morgan has been looking into spinning off Quorum for two years. Investigating options such as setting up an open-source foundation, creating a startup, or merging with another company. The merger could be the best way as both organizations are familiar and work with Ethereum. 

On the other hand, ConsenSys was founded by one of the co-founders of Ethereum, Joseph Lubin. Known for its decentralized working structure. And recently the company announced it had laid off 14% of its staff, due to restructuring reasons. Hence, the company aims to separate its software development business apart from its venture activities. With that, a merger with Quorum hints that the company would classify with the aim of growing its software division.