Quorum was launched in 2016, and since then, the two companies have collaborated to make Ethereum the platform of choice for enterprises building secure and customizable business networks at scale.
FREMONT, CA: Blockchain software company ConsenSys acquired Quorum, an enterprise-variant of the Ethereum blockchain developed by J.P. Morgan. In addition to the acquisitions, J.P. Morgan 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. The addition of Quorum will enable ConsenSys to offer a full range of products, services, and support for Quorum, accelerating the availability of features and capabilities, such as digital asset functionality and document management.
J.P. Morgan and ConsenSys have been two of the leading organizations in Enterprise Ethereum and have a long history of collaboration after leading the creation of the Enterprise Ethereum Alliance, helping bring a Mainnet Ethereum client, Hyperledger Besu, to The Linux Foundation, and working together on industry applications built on Quorum, such as komgo and Covantis. Quorum was launched in 2016, and since then, the two companies have collaborated to make Ethereum the platform of choice for enterprises building secure and customizable business networks at scale.
“Even before the very first block on Ethereum was mined and ConsenSys was formed, we’ve collaborated with JP Morgan on Ethereum proofs of concept and production systems. We are enormously excited to onboard Quorum into the ConsenSys Enterprise Ethereum stack,” said Joseph Lubin, CEO of ConsenSys.
ConsenSys will merge its existing protocol engineering roadmap with Quorum, leveraging the best of both codebases. All Enterprise Ethereum protocol technology at ConsenSys will fall under the ConsenSys Quorum brand, and developers will have the option to choose their underlying technology stack. Quorum will remain open source and become interoperable with ConsenSys’ other blockchain products, such as Codefi’s finance and commerce application suite. J.P. Morgan will act as a customer of ConsenSys’ advanced features and services deployed on Quorum.
ConsenSys was ranked as one of the Top 10 Blockchain Solution Providers for 2018 by Capital CIO Outlook magazine. “One of the parts of taking over this technology is that we’ll be supporting JPMorgan in [its] blockchain efforts,” said Daniel Heyman, ConsenSys engineering manager. “Then we’ll be able to leverage a lot of the work that JPMorgan has done that’s been internal for a long time, and support the ecosystem as other people want to use that technology.”