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JP Morgan’s Quorum May Go For Spin-off With ConsenSys – Reuters Reports
The reputed investment bank, J.P. Morgan official announcement about its digital currency initiative ‘JPM’s Coin’ and its digital coin payment project now seems to have gone for a spin-off.
This happens to be Ethereum-based stablecoin which is the extension of JPMorgan’s blockchain initiative, Quorum, an enterprise-level distributed ledger protocol forked from the Go Ethereum client.
JPMorgan Chase & Co. has been making a mixed bag of opinions time and again. We say this because, right from the Chief Mr. Jamie Dimon’s U-turn from his critic statement back in 2018, “cryptocurrency as a fraud, terming digital currencies as a novelty and worth nothing" to his confession after JP Morgan’s keenness of investment into blockchain and crypto-currencies.
For now, according to a report from Reuters, the U.S. largest bank in the world (JPM) is reportedly looking out for merging its in-house blockchain project, Quorum with Brooklyn-based ConsenSys. Evaluating valuations and options of establishing an open-source foundation in the form of new start-up with another company, they may finalize the deal in the months to come. The strategic alliance with ConsenSys is perceived as the optimal method for both organizations to work with ethereum and have been involved in joint initiatives in the past, but none of them have officially clarified on the deal.
Anonymous sources hinted that the formal announcement may be out in the months to come. The decision is quite perplexed as JPM has been considering ‘Quorum’ for spin-off option from last two years.