JP Morgan has invested an undisclosed amount in Ethereum’s ConsenSys, and the multi-faced investment made ConsenSys to be in charge of JP Morgan. The investment is coming not long after the widespread news that Goldman Sachs is also preparing to launch a digital token.
The investment signifies that the Quorum open source codebase will henceforth be managed by ConsenSys. The firm says the move was done to advance the development of JPM Quorum and the blockchain world entirely, and will accelerate the adoption of Ethereum-linked innovations.
The investment is going to link other ConsenSys’ enterprise solutions with Quorum, making it possible for businesses to develop outstanding solutions.
The Quorum opensource protocol layer, which is now being referred to as ConsenSys Quorum, offers a base for businesses to develop private and public Ethereum-based enterprise solutions.
The total focus on Quorum by ConsenSys indicates the firm’s commitment to the enterprise adoption of blockchain technology.
With this investment, ConsenSys Quorum will continue to be an open source codebase, and anyone can make use of it in designing enterprise-based applications.
Before the merger, JPM Quorum already had diverse innovations for developers, they include; the GoQuorum client software, the Tessera private transaction manager, and the EthSigner private key manager.
The news of the acquisition was first rumored a few days back. However, ConsenSys and JP Morgan did not deny or confirm it at that time.
February 14, 2019, J.P. Morgan announced the launch of JPM Coin, becoming the first bank in the U.S to successfully create and run a digital currency representation of fiat.
The coin, based on a blockchain-based technology gives users the advantage to transfer funds between different institutions in a fast mode. The JPM Coin was designed using Quorum, which has now been handed over to ConsenSys.
While JPM Coin remains a digital representation of U.S Dollar, the coin intends to be used in place of other currency in the nearest future.
Goldman Sachs Cryptocurrency
Information from Goldman Sachs shows that the firm is preparing to launch its digital currency and has therefore decided to launch it. The financial institution not long, hired a new head in charge of digital assets, Mathew McDermott.
Also, the firm has been reported to have hired Oli Harris, JPMorgan Chase’s head of digital assets strategy, who is said to be behind the development of JPM Coin and its underlining technology, Quorum.
The new head revealed the necessity to develop a digital currency. McDermott is already conversing with the likes of Facebook and J.P. Morgan on how both Goldman Sachs coin can relate with JPM Coin and Libra.
Now that the J.P. Morgan’s Quorum has been handed over to ConsenSys, will Goldman Sachs partner with ConsenSys to gain more ideas?